As young professionals preferring to rent over buy flock to the urban center, local developers are adapting to this growing demographic’s preferences.
Downtown Miami’s residents are now mostly young professionals, with the 25-44 age group comprising 40 percent of the population, according to the latest demographics report from the Miami Downtown Development Authority (MDDA). The number of young professionals in the city’s core increased by roughly 30 percent since 2010. This has led to an almost complete absorption of what experts feared would be another condo bubble and spurred a boost in multifamily development in the tropical waterfront city once known for its sprawling suburbia.
“More than 20,000 condos were built between 2005 and 2009—a figure double the amount built during the 40 years prior. And while Miami was criticized for this ‘overbuilding,’ it helped lure thousands of young professionals and families to its urban core and set in motion one of the most dynamic urban renewals of recent decades,” Alyce Robertson, executive director of the MDDA, told Multi-Housing News.
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