According to yesterday's South Florida Business Journal:
Condominium rental programs are transforming urban Miami, attracting more young professionals and making a dent in the oversupply of housing from the condo boom.
While some buildings remain mostly empty, the rental programs offer young professionals with mid-level incomes the opportunity to live in plush buildings with amenities. The programs don’t come without problems, but local real estate interests are hoping they are the leading edge of a recovery in urban cores.
Some renters, like Alisha Marks and Ben Tischler, moved from pricier apartments in South Beach. Their 1,400-square-foot apartment in Midblock at Midtown Miami has a sprawling balcony with a view of Biscayne Bay and the downtown skyline. The only sign of the housing crisis is an unfinished ceiling.
“I’m very happy with it,” said Marks, director at Schwartz Media Strategies in Coconut Grove. “We couldn’t afford this much in South Beach, and it’s new and has a lot to offer.”