Most Miami renters are staying put.
The San Francisco-based apartment search platform Apartment List found in its latestRenter Migration Report that fewer than a quarter — 22.3% — of Miami residents searching for rentals between Jan. 1 and April 15 were looking to leave. The outbound searches inched down slightly from 22.5% in the previous report, which covered June 1-Dec. 31, 2019.
The study analyzed a sample of about 100,000 searches from people located in Miami looking to stay and those located outside of Miami but looking to move to South Florida.
Read more here: https://www.miamiherald.com/news/business/real-estate-news/article242354001.html#storylink=cpy
The report found that 19.2% of searches were for out-of-town residents looking to come to Miami.
Read more here: https://www.miamiherald.com/news/business/real-estate-news/article242354001.html#storylink=cpy
“When both the inbound searches and the outbound searches are low, you are looking at a stable market,” said Chris Salviati, the company’s housing economist.
Read more here: https://www.miamiherald.com/news/business/real-estate-news/article242354001.html#storylink=cpy
Only a minority of people searching on Apartment List move forward with a signing a lease, Salviati said, but the data is a leading indicator of activity in the market.
Top outward-bound destinations were Orlando (15%), Tampa (8.8%) and in Cape Coral just outside Fort Myers (6.6%).
“Miami has had a solid economic recovery since the recession,” Salviati said. “But the economy is dependent on tourism and it is one of the most expensive metros to live. People may be looking to move since it is not offering enough high-paying jobs. Places like San Francisco, Boston, D.C. and New York have a high cost of living but they offset it with high-paying jobs.”
The majority of searches of people looking to move to the Miami metro area were from Orlando (14.4%), New York of course (12.1%), and Tampa (8.2%).
“There seems to be a strong cross flow between Miami, Orlando and Tampa,” Salviati said. “That may be because people in Orlando or Tampa may have family and friends in Miami. That is a draw.”
Read more here: https://www.miamiherald.com/news/business/real-estate-news/article242354001.html#storylink=cpy