Miami Rent Increased 58% | America's BIGGEST Housing Bubble
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Every real estate investor, hedge fund manager, tech executive and wealthy person has or is considering to move to Miami Beach. Many who buy the luxury mansions do so to enjoy the luxury lifestyle of Miami and Brickell however many who are investing in real estate are planning to do so and capitalize on the increased rents and the money that is all over the street in Miami Beach. However this foreclosure warning is very different than most other housing bubbles. This housing bubble will be huge due to a few curve balls thrown at the real estate market, the first is property and hazard insurance and the second will be all of these required upgrades. This coupled with the new rent caps and rent control measures pushed through the affordability crisis that has been realized in Miami. After all, rents in Miami have increased over 58% inside a single year! This is unbelievable. Normal rent growth is roughly 3% per year so we have roughly thirty years of rent growth inside of two years.
When these investors can not get insurance that means they can not satiety their mortgage requirements and when that doesn't happen they have to either sell the property or self insure their property. When these required upgrades come they either pay cash, finance it or they have to get a second mortgage to pay for it and all of these costs will likely not be able to be passed along to the renter.
Meaning huge problems for property owners, real estate investors, landlords and property operators and huge opportunities for large corporate landlords to come in and purchase these properties for pennies on the dollar.
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