Tag Archives: real estate market news

Rental Market

New Report Shows Miami as the Most Competitive Rental Market in the United States

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Rental Market

Renting is at its greatest level in fifty years, with almost 44 million American households renting. However, some renters found it difficult to find a new place to call home in 2022, particularly in the highly sought-after South Florida region, which has long been a popular relocation destination for individuals from all over the country.

Additionally, in the past two years, more people have relocated to the Sunshine State as a result of laxer rules and the growing use of remote work. As a result, migrants found themselves in a competitive market with local residents looking for units, making Miami-Dade the most popular rental market in the country.

RentCafe.com examined the 135 biggest U.S. markets examing five crucial metrics that include the number of days apartments were vacant, the percentage of occupied rentals, the number of prospective renters, the percentage of rental renewals, and the share of apartments completed for the year.

The largest metro areas in Florida opened new apartments this year more quickly than any other city in the nation. However, this was still insufficient to meet the rising demand in such a well-liked location.

Due to record-high occupancy and high lease renewal rates, Miami had the hottest rental market in the United States. Numerous Millennials and even members of Generation Z who wanted to work and live in the Sunshine State were drawn due to a number of factors, including the absence of a state income tax, the business-friendly environment, and the thriving tech scene.

Renters in Miami are in a very difficult situation because practically all units are occupied, especially since 75% of apartment residents choose to stay put this year. As a result, Miami’s rental apartments were full in 25 days on average, with a record-breaking 32 renters competing for each available property. Additionally, despite the metro area’s stunning 2.8% rise in apartment supply in the first half of the year (the highest growth rate among the top 20 cities in the ranking), the high demand for rentals is still far from being satisfied.

Notably, the city’s favorable business environment, which draws corporate relocations and expansions, maybe the cause of this demand. Orlando is also a member of the Florida High Tech Corridor, which attracts business people, students, and young professionals.

Florida welcomed the newest residents between 2020 and 2021, according to the US Census Bureau (220,890 people looking to escape high taxes and frigid winters in the North). Arizona (170,307) and Texas (170,307) were much behind it (93,026). And even while developers are hard at work constructing apartments all around Florida, the supply of recently created rentals is just insufficient to meet the soaring demand for housing.

Gisele Bündchen Buys Southwest Ranches Estate

Supermodel Gisele Bündchen Purchases Surfside Home for $1.25 Million

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Gisele Bündchen Buy Surfside Property

On February 28, supermodel Gisele Bündchen paid $1.25 million for a modest three-bedroom, three-bathroom home in Surfside, a community between Bal Harbour and Miami Beach.

Although Bündchen formally filed for divorce from her famous quarterback husband Tom Brady on October 28, she may have been preparing for the separation.

This residence appears to be smaller among those Bündchen formerly occupied with her soon-to-be ex-husband, at only 1,540 square feet. It is still unclear whether she plans to remodel the interior of the home.

The Art Deco-style cottage, which is only a few blocks from the beach, has white walls and hardwood flooring in all of its common areas. Stainless steel appliances, white cabinets, and a marble waterfall island are all featured in an open-concept kitchen that flows into the living room with ample space for entertainment and comfort.

Two large windows line the modest primary bedroom. The main bathroom has white brick walls and farmhouse-style hardware in a rich gold color, as well as a glass-enclosed stand-alone shower. The little backyard is home to a grassy lawn and a small tiered patio.

The Brazilian beauty and 23-year NFL veteran had been married for 13 years and had two kids together. Tom Brady also has a son from his past relationship with actress Bridget Moynahan.

The former power couple has owned several properties together, including a 14,000-square-foot Brentwood home and their latest mansion still in construction on the ultra-exclusive Indian Creek Island in Miami, which counts Enrique Iglesias and Jared and Ivanka Kushner as residents.

Waldorf Astoria Hotel and Residences Miami

Waldorf Astoria Residences Miami Officially Breaks Ground

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Lucas Lechuga at Waldorf Astoria Residences Groundbreaking

The day has finally arrived for the Waldorf Astoria Residences Miami with its official groundbreaking ceremony.

Setting records as Miami’s first “supertall” tower, the structure, will rise 1,049 feet and 100 floors above Biscayne Bay. This will be the tallest residential tower south of New York City.

In attendance were Ryan Shear, managing partner at PMG Development, Mohair Hospitality, Bamo Inc, Greybrook, and architect Carlos Ott.

Along with 205 guest rooms and suites, the Waldorf Astoria Hotel & Residences Miami will have 360 private residences. Nine glass cubes that resemble Jenga will be part of the tower itself.

The building’s design, which was overseen by Sieger Suarez Architects in association with renowned architect Carlos Ott and award-winning interior design firm BAMO, is incredibly distinctive and stands out even among the busy Miami beachfront.

According to the developers, 180-foot-deep foundation piles are now being built by drilling and concrete pouring. According to the developers, 180-foot-deep foundation piles are now being built by drilling and concrete pouring.

Work won’t be slowed down because a building permit to start the vertical work will likely be obtained in a few months, according to the developers.

The tower is expected to be finished in 2026.

If you or anyone you know has an interest in acquiring it, contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.

Waldorf Astoria Residences Miami
Paramount Miami Worldcenter Views

Highest Penthouse at Paramount Miami Worldcenter is Now For Sale at $10.71 Million

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Paramount Miami Worldcenter Views

At the current price of $10.71 million, the tallest penthouse in RPC’s Paramount Miami Worldcenter is now for sale.

With sweeping views of Miami from the 57th and 58th floors of the tower, Penthouse 5700 has 5,225 square feet spanning throughout  four bedrooms, five and a half bathrooms, and a den that can be utilized as either a home office or a library in the unit. An open-style chef’s kitchen, floor-to-ceiling windows, double-height ceilings, and plenty of space for entertaining are included in the amenities of the property.

Penthouse 5700 will have access to the building’s 46 amenity spaces, which are the most residential amenities in the world and include the nation’s first outdoor soccer field in a high-rise residential building, resort-style swimming pools, tennis courts, a Tai Chi deck, and a boxing studio.

The purchaser will be residing among celebrities thanks to Paramount’s comprehensive array of sporting amenities, which has drawn a wide range of professional athletes.

Located in Miami Worldcenter, an entire city within a city and the second largest master-planned urban project in the country, Paramount offers walkable access to the best restaurants, cultural and entertainment venues in town. 

The 58-story Paramount Miami Worldcenter, which was completed in August 2019, has 569 condo homes with studio, one, two, and three-bedroom floor layouts, as well as penthouses.

The Paramount Miami Worldcenter’s ordinary tower residences have interior square footage of 1,294 to 2,376 plus balconies, whilst its penthouse residences have interior square footage of 3,509 to 6,000 plus balconies.

The typical condo homes at Paramount Miami Worldcenter have either 11-foot- or 14-foot-deep terraces, private elevators, and 10-foot high ceilings with floor-to-ceiling glass windows.

Eight magnificent bi-level penthouses at Paramount Miami Worldcenter include 20-foot high ceilings, floor to ceiling glass windows, and panoramic views of the city and lagoon.

Elkus Manfredi Architects created Paramount Miami Worldcenter, which was created by Paramount Ventures. ID & Design International created the lobby and common areas.

Paramount Miami Worldcenter Penthouse Kitchen
Paramount Miami Worldcenter Ocean Views
Paramount Miami Worldcenter Floorplan
Paramount Penthouse Family Room
Paramount Miami Worldcenter Master Bedroom Views