We noticed on the latest report from the Downtown Development that a lot of young professional are moving to downtown Miami. This creates a buzz and a new clientele for the new businesses which are opening in this area. In the last 5 years the number of residents increased 32% and 150% since 2000. The full-time population living here reaches 90,000 inhabitants. The age range of this young community is from 20 to 44 years old. More than 50% has a college education and they represent half of the population in downtown. This new generation will help the occupancy rate in the buildings built during the Miami real estate boom.
Undoubtedly, Downtown had a substantial change in the last 10 years. Indeed, it’s full of restaurants, stores, rooftop bars and hotels opening up. In 2015, more than 40 restaurants opened across downtown Miami. You can feel the energy carried by millennials in the city. Downtown used to be a ghost town after office hours. Now you can see millennials strolling thru the streets at any time of the day or night.
For example they enjoy living in the new constructed condo called Centro since they can walk to their office, nearby restaurants, grocery stores or take the Metromover. Since there are many bars and venues it’s more practical to organize activities with friends and co-workers. At Centro condos do not even come with a parking space so if you need to use a car, you hop into Uber.
Also the per capita income has raised in downtown of approximately 30% since 2010. The average household income reaches $110,000 and $127,758 in Brickell. This average is the double of the United States average and 83% higher compared to the overall city of Miami.
Let’s not be surprised by these numbers since you better earn a good living to rent in Downtown Miami. The Miami real estate market inventory is characterized by the most expensive properties in both fields, sales and rentals. The millennials opt for the renting option since it gives them flexibility and they would rather pay a higher rent while being in the center of all the action rather they buying a house in the suburbs. For this reason, developers build in Downtown more studios and smaller units to cater to these millennials.
The DDA (Miami Downtown Development Authority) is working on promoting outdoor activities in this neighborhood since Miami is prone to a great weather. 26% of the residents spend more than 7 hours per week on sports and 60% own a dog. The first projects aim on planning walkable paths like the Bay Walk and the River Walk. It’s very pleasant to jog or ride your bike along the waterfront. We estimate that the population in this area will reach 106,400 in 2021. Are you ready to move to Downtown?
Comments(2)