Miami has always been in a league of its own—from the weather, to the Hispanic flavor, the beaches, the fraud, the drugs and just what I like to refer to as “the fast life.” We always love to tour those relocating from other places and show them the other areas that make Miami the Magic City, but there’s always the disclaimer that this town’s got a different way to take your money everyday. We were referring to all the glitz, glam and fun stuff you can do to entertain yourself. But, nowadays added to that list is rent. Yep, no glamour just housing. For a number of years Miami has held on to being listed as one of the most expensive cities to live in along with the usual suspects such as New York and San Francisco. But Miami has upped the ante and taken reigned as the most expensive city to lease in. You may recall a past post where we discussed how tenants aren’t moving, rather renewing their lease year after year after year. This is precisely why. With high rental rates (and they’ve leveled off some), it’s become too expensive for folks to try somewhere different or upgrade to that bigger, newer, nicer place. I certainly thought after Hurricane Irma a little adjustment would be felt, but just a little slowdown in activity versus a price correction. It’s no wonder developers and condo kings are targeting out-of-towners, and working a lot harder to meet past goals.
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