My clients are now looking to Buy instead of Rent, why?

Record rents go through the roof in Miami, which pushes those who qualify, to buy instead of rent. It is now impossible to find a 1-bedroom rental in Brickell for under $2,000 per month. 

At the beginning of the pandemic, the demand for Single Family Homes increased drastically, creating a shortage of listings, which led to a price increase for this type of property. 

Then, later last year, the number of Single Family Homes available for sale was so small, the prices so high and the demande so strong, that lots of buyers had no other choice than looking for condos. 

Since a few weeks, many of my clients who were looking to rent a condo in Miami, after they realized the competition was so hard and the rental prices so high, for the one who qualifies, are now switching from their initial rental project to a buying project. 

People don’t want to go under the stress of not knowing if their landlord will renew their lease or not, and if he renews it, they don’t want to pay today’s rental market value.