Why have the prices in Miami increased?

Miami is experiencing a year-over-year price growth of 36.2% in July, making it the number one undervalued city in terms of increase in the US.?

Let's take a look at why prices have increased

The cost of renting an apartment in Miami is skyrocketing - and locals are pointing to newcomers from New York and the rest of the country who have flocked south not only for the sunshine, which is much more prevalent than in NYC, but also for Florida's low taxes and relaxed COVID restrictions. The phenomenon of supply and demand appeared as there was a lot of demand for not enough supply, naturally the prices went up to who will be the highest bidder.?I have seen through real estate agent friends in Miami that some buyers are willing to pay more than the listed price to be sure to get the property.?

But what does that mean??

If rent prices are skyrocketing, it means there is a lot of demand for housing, it's a clarion call for developers to start building new residences (yes guys, we need new housing). Many great luxury real estate projects are being built in Miami, I'm thinking of Aston Martin Residences, Waldorf Astoria, Cipriani Residences, Elysée Miami and so on, but I think it won't be enough and more housing is needed.?

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Article written by Thomas Rogge