Rental Towers Displace Condos Downtown
By Meisha Perrin
With all the visible construction in downtown Miami, a new trend has also become visible to city building official Mariano Fernandez: a noticeable shift from condominiums to rentals.
The trend for new developers, he said, is to rent — not sell condos.
And, said Mr. Fernandez, that probably has a lot to do with new, stricter mortgage rules promulgated as a result of the recession.
"It’s a big difference before from when everyone was buying condos," he said. This year so far, he said, no downtown building permits have been issued for condos, just for rentals. To read the full article and the rest of the Miami Today issue, GO TO e-MIAMI TODAY, an exact replica of the printed edition.