- Expect Miami to flourish once again after the pandemic.
- Tourism in the Miami area has increased drastically during the pandemic and will continue.
What seems to be one of the biggest real estate booms in South Florida has definitely brought the Miami vibe back to life. Miami has always been the go-to vacation place, but if you remember back in 2014 when Lebron “King” James took his talents out of Miami, and the bustling city went dark.
For some time, Miami wasn’t as hot as it once was, and people looked West for fun and entertainment. 2020 Pandemic ignited the flame South Florida needed to bring back tourist attraction and this hot city back to life. However, it brought more than just tourists, it brought families and businesses who are looking to relocate to the sunshine state for good.
Mayor Francis Suarez looked at this as a big opportunity to also lure big tech players from Silicon Valley and New York, thus bringing more money to the city. Most would agree that when the pandemic first occurred everyone thought it would be the end of the world, and we all would lose everything. In the vacation rental market, most homeowners made a drastic decision to lower their rents by nearly half the going rate in fear their homes would be empty because of the worldwide lockdown.
To their surprise, the real estate market did the exact opposite. Homeowners who jumped the gun and booked their homes for 3-6 month stay at a lower discounted rate, missed out on big money opportunities and those who stuck it out won big by driving up their rates to nearly 150% above market. As the rest of the world is on complete lockdown South Florida remains open.
From the restaurant hookah lounges like Swan and Victory to your everyday yacht party, Miami has yet again become the city to be in and it looks like it will only get hotter.