For the first time in South Florida, Americans are buying condos at the same time and pace as Latin American buyers, creating a perfect surge in demand for US property.
The document Miami Report 2022, de ISG World, attributes the migration situation to three factors: First, the political scenarios currently experienced in Latin America; the economy follows; and finally, the need for a more flexible life.
Political factors stand out before the migration of Latin Americans to Florida.
Then, Why are Latin Americans more attracted to short-term rentals?
First, real estate investment in short-term rental properties has proven to be a low-cost access alternative, with a high and attractive return on investment compared to buying traditional condominiums.
Furthermore, they point out that today’s Florida buyer is influenced by the transient living trend, prioritizing flexible living strategiesFor example, the increased unpredictability of remote work on purchases plus more concrete purchases such as traditional or single-family homes.
The analysis indicates that the millennials they are especially drawn to residences that offer all the comforts of home without the long-term commitment, or the highly competitive and expensive buying process that comes with it.
In addition, they are interested in investments that can establish multiple streams of income, paying over time for the high costs necessary for their transitory lifestyle.
Different specialized portals on the subject indicated that, after Miami’s remarkable rebound since 2020 led Airbnb owners to experience a remarkable year of return on investment, short-term rentals emerged this year as an alternative to meet the needs of buyers.
This year, Airbnb owners expect a 3.79% cash return.
30-Year Condo Delivery Analysis: Traditional and Short-Term, from Miami Report 2022.