Miami Real Estate: Miami Rental Market Providing Solid Returns

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By Editorial Team
Miami’s rental market has emerged as one of America’s best investment spots largely as a result of depressed home values and record levels of foreclosures in the city. From 2006 and 2009, home prices in the city collapsed by as much as 50%, creating a wave of foreclosures and economic hardship. In fact, according to TD Economics report, the real estate downturn shrunk Miami’s economy more than 3% between 2006 and 2009. “Home ownership, the traditional engine of housing growth, was mortally wounded during the crisis and shows few signs of recovering,” the report stated. “In contrast, the rental market is becoming a major driver of renewed housing demand.” This trend has many Canadian investors rushing to Florida to take advantage of cheap houses which can still be rented out at competitive rates. Reports suggest that as much as 20% of Florida home sales are to foreigners.“Property investors are taking notice, buying homes, and even engaging in some minor building.  It   appears Miami home sales, alongside a modest increase in prices has more to do with investor demand than homeownership.” Home ownership levels in Miami plummeted by 6.2% between 2006 and 2009, with 84,500 families giving up owning a home.  Miami was hit much harder than the rest of Florida, which experienced just a 3.4% decline over the same time period, and the U.S., which experienced a 0.3% drop. The housing crash in Miami resulted from two major factors. First, severe job losses in Miami left many homeowners unable to make their mortgage payments.

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About Pamela's Blog

Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
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