Why Locals Think It's New York's Fault That Miami Rents Have Risen 58% In 2 Years
We are living in uncertain times — from the coronavirus taking over to the cost of living soaring, it's hard to imagine what could be next. Our lives are nothing like how they were just a little over two years ago. As per Wellcome, schools shut down, many people lost their jobs worldwide, and some even faced eviction and poverty. Things such as facemasks and vaccines certainly helped; however, they didn't change the lasting impact of COVID-19. It was such a scary time that changed all of our lives, but there is a silver lining.
According to Pew Research Center, the world is slowly getting back to normal. Well, as normal as we can be after a global pandemic. Students have returned to school, and the unemployment rate has dropped significantly since the pandemic began. Concerts and events are back in full swing, and small businesses are finally reopening. However, life will never fully be the same. During the early stages of the pandemic, many innocent lives were lost. Numerous people also uprooted their lives to live in cheaper locations; for example, many New Yorkers left for Florida.
What did New Yorkers do?
According to the New York Post, the cost of apartment rentals in Miami is rising. Locals believe it's because native New Yorkers opted to move down south to take advantage of Florida's low taxes and laid-back COVID-19 restrictions. Some landlords, taking advantage, increased rent costs so much that it's now double what it was when the pandemic first began. In an interview with The Post, Craig Studnicky, CEO of real estate firm, ISG World, confirmed that thousands of New York residents have moved to the Sunshine State in the past few years. "It was all a reaction to COVID. COVID was the catalyst that pushed so many people out of their quandary," stated Studnicky.
He went on to add that upon arriving in Miami, most of these New Yorkers decided to rent instead of buying a new home as they weren't exactly sure where they wanted to plant their roots. However, supply and demand weren't even close to being equal. "Miami has been calling for New Yorkers to come down and they got their wish with COVID," said Cody Vichinsky, co-founder of Bespoke Real Estate. He also stated that New Yorkers are willing to pay the high cost of rent since Florida's other benefits, including lower taxes, still outweigh the cost of living in New York.