Miami Blames Fleeing NYers for Huge Rent Increases as Exodus Continues - The Jewish Voice
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Saturday, July 2, 2022

Miami Blames Fleeing NYers for Huge Rent Increases as Exodus Continues

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Edited by: TJVNews.com

With violent crime skyrocketing in the Big Apple, compounded by eye popping inflation in addition to dealing with the twists and turns of the post-Covid world, many New Yorkers have decided to high tail it out of the city for warmer and more economically friendlier locales.

As such, lifetime city dwellers are packing up their gear and heading to the Sunshine State. For it is in Florida, where one can enjoy more pleasant climates throughout the year while thoroughly enjoying a lower tax rate and Covid restrictions that have been significantly eased.

But all is not well with Floridians as they have been deluged by New Yorkers and other northeast residents. As a result of the formidable immigration to their state, the cost of renting an apartment is literally going through the roof.

The New York Post reported that since March of 2020, rent prices for apartments in the Miami area have shot up 58% according to a new survey by Realtor.com. While rent prices are dramatically increased in other states, the Post reported that Florida’s rents have increased the fastest for any major US metropolitan area.

Speaking to the Post, real estate agents have said that the rent prices on luxury Miami apartments have catapulted by as much as 160 percent from last year. Because of the exodus out of New York and people flocking to Florida in droves, the number of apartments available has plummeted significantly since the beginning of the dreaded coronavirus pandemic.

In the last two years, thousands of New Yorkers have relocated to Florida, according to Craig Studnicky, who moved to sunny Florida from the Jersey Shore, as was reported by the Post. Studnicky now owns a condominium on Sunny Isles Beach in the Miami area while working as the CEO of ISG World, a luxury real estate firm.

“It was all a reaction to COVID,” Studnicky told The Post. “COVID was the catalyst that pushed so many people out of their quandary.”

Studnicky also told the Post that as New Yorkers arrived, most of them decided that they would initially rent “because they weren’t sure which neighborhood of Miami” they wanted to buy a home in.

“A lot of these people chose to rent, but we didn’t have so much supply,” he said.

When moving down to Florida, people with larger families were beyond shocked to learn that the average rent for a three-bedroom apartment has increased to $9400 a month. Rent.com reports that a  160 percent jump from the same time last year, according to the Post report.

Bigger families have been hit by sticker shock the most as prices for a three-bedroom apartment have skyrocketed to $9,400 a month, a 160 percent jump from the same time last year, according to Rent.com.

Two-bedroom apartments have increased by 40 percent, to an average of $3,897 a month. A one-bedroom rental is going for an average of $3,184, a 26 percent spike, while studios have surged 34 percent at $2,662, according to the Post report.

Miami is not the only place where rents have shot up. The Post reported that huge increases in rent have also been recorded in nearby cities like Delray Beach, Fort Lauderdale, Pompano Beach and Boca Raton.

Also speaking to the Post was Cody Vichinsky, the co-founder of Bespoke Real Estate. He said, “Miami has been calling for New Yorkers to come down and they got their wish with Covid.”

“It’s not just a fleeting snowbird season, and because of that people are more comfortable spending more money there,” Vichinsky said.

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