Comment on Airbnbs are primed to take over Miami, which is already facing a housing crunch

Airbnbs are primed to take over Miami, which is already facing a housing crunch

Miami, Florida.Getty/Sylvain SonnetA Florida real-estate firm forecasts that 31 pre-construction condo buildings in the Miami region are ripe for Airbnbs.That amounts to over 10,335 units or more than 50% of projected construction, ISG Group found. Rising population and home prices are already squeezing Miami real estate.A wave of new condo developments tailor-made for Airbnb and similar rental sites is set to wash over the Miami region.So many, in fact, that they outnumber the amount of traditional rentals tagged for development over the same time.More than 50% of total condos in the pre-construction phase across Miami-Dade County and nearby Broward County, totaling 10,335 units, are geared toward short-term rentals, a first-quarter report from real-estate firm ISG World found.These units may not be exclusively advertised for short-term stays, CEO of ISG World Craig Studnicky told Business Insider but were grouped by little to no rental restrictions for future owners.That means these units could, and very likely may, be used for Airbnb and similar purposes, Studnicky explained."We've had a development industry that is adding more short-term rentals to South Florida inventory," Studnicky told BI.

 

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