Over half of Miami’s upcoming condos are set to be Airbnb friendly

A Florida real-estate firm has identified a significant trend in the Miami region – an influx of pre-construction condo buildings that are being designed specifically for short-term rentals like Airbnb. According to the firm, over 10,335 units in 31 condo buildings are expected to be geared towards short-term rentals, accounting for more than 50% of the projected construction in the area.

The rise in population and home prices in Miami has already put pressure on the real estate market. With housing prices soaring and affordability becoming a major concern, the need for adequate and affordable housing is more pressing than ever.

The CEO of ISG World, Craig Studnicky, highlighted that while these pre-construction condo units may not be exclusively advertised for short-term stays, they are expected to have little to no rental restrictions for future owners. This means that these units could easily be used for services like Airbnb, which could further exacerbate the affordability crisis in Miami.

Studnicky emphasized the importance of developers focusing on creating more traditional rental units to alleviate the pressure on the market. The ISG World report also noted that over 10,000 traditional rental units are scheduled for pre-construction in Miami-Dade and Broward counties, a process that will take several years to complete.

In the past decade, Studnicky estimates that around 20,000 traditional rental units were built in Miami, which he believes is the number needed to accommodate the population growth in the region.

With the population boom in Florida and the increasing housing prices, addressing the affordable housing shortage in Miami has become a critical issue. By shifting focus towards traditional rental units and creating more affordable housing options, developers can help mitigate the affordability crisis and provide much-needed relief to residents in Miami-Dade County and beyond.

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