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That's how one tweet from the mayor launched rental prices - Walla! Real Estate

2022-04-16T22:18:20.577Z


Four words in total - "How can I help?" Turn Miami into a high-tech powerhouse with positive immigration and a sharp rise in rental prices. How did this happen and what can we learn from it?


Thus one tweet from the mayor skyrocketed rental prices

Four words in total - "How can I help?"

Turn Miami into a high-tech powerhouse with positive immigration and a sharp rise in rental prices.

How did this happen and what can we learn from it?

Yaron Shifoni, guest column

17/04/2022

Sunday, 17 April 2022, 01:13

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In early December 2020, in a Twitter tweet, a user named Delian suggested moving the Silicon Valley in California to Miami.

In response, Miami Mayor Francis Suarez answered him with four words: "How can I help?"



Those words created an unprecedented echo and what happened after them no one could expect.

Over 2.3 million responded to the Miami Mayor's response tweet one way or another.

Suarez's phone kept ringing.

The schedule exploded.

What started as a random response, has turned into an entire Twitter campaign to turn Magic City into Silicon Valley's new land of unlimited possibilities, and to position the city at the forefront of the global innovation industry.

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Respond immediately - and the results are already visible in the field.

Francis Suarez (Photo: GettyImages, Alexander Tamargo)

Nearly a year and a half after the famous tweet, it can be said that Mayor Suarez's mission stands above and beyond the goals he has set for it.

According to research firm CB Insights, in 2021 high-tech companies located in Miami raised over $ 4.5 billion, more than twice as much as in 2020, when a little over $ 2 billion was raised.

The last quarter of 2021, was unprecedented in every possible term.

During it, 69 deals were signed and more than $ 2.2 billion was raised, with the total capital raised in it alone surpassing all the capital raised in all of 2020.

On the "Exodus" of the technology companies and the millennial generation fulfilling an old dream

Miami has always been an attraction for millions of visitors and tourists, who came to enjoy the variety of attractions it has to offer, along with the comfortable weather and the city's unique cultural diversity.

But in recent years, Miami has been able to take advantage of the Corona period and the negative migration from Silicon Valley, to its advantage.

It has managed to attract high-tech companies and many workers from the industry to work in it.

It is a combination of the dream of many young people, the millennial generation, to move to a city that has so much to offer them, along with the far-reaching tax benefits it provides.

It has always been a city of benefits, and with such job opportunities ... generally good (Photo: ShutterStock)

According to the Computing Technology Industry Association, the Miami metropolitan area ranks fourth in the United States in terms of the growth of technology jobs.

The technological migration and "exodus" of technology companies from Silicon Valley to other cities in the US, including Miami, as it is referred to by industry sources, is also having a significant impact on its real estate market.

How does all this affect the real estate market in Miami? Rising rental prices and demand for real estate

"Everyone wants a piece of Miami," says Edgardo Deportona, one of the city's leading real estate developers, who has built the largest and most prestigious projects in it.



Demand in the Miami area has been rising for several years. They are also accompanied by significant price increases. The Miami Realtors Association reports that February 2022 was the best in history when it came to selling apartments in Miami-Dade County, up 13.2% from the same period last year.



The rental market is booming no less significantly. According to the real estate platform ZUMPER, the average rent for a one-bedroom apartment in Miami, has risen 58 percent in the past year, to $ 2,525.

This leap did not miss the two-bedroom apartments in the city either.

When in the last year their average price showed a 67% increase over the previous year, and now stands at $ 3,500.



However, interest rates on long-term mortgages for the purchase of properties in Miami have recently reached a decade high, to a level of over 5%, when only a year ago they were below 3%, while some believe it will cool rising house prices.

Prices continue to rise

Yaron Shifoni (Photo: Smadar Kafri)

Miami is attracting significant amounts of foreign, wealthy real estate investors, who are less affected by rising interest rates, and it is possible that even if we see a drop in prices, it will be more moderate



. For the city and the solid millennial generation, it is a very significant move. It is expected to boost the city's economy and the demand for real estate, even more so.

The trend of strengthening Miami at the same time or at the expense of Silicon Valley, strengthens it as a city of technology and high-tech, and all of this is reflected in rising real estate prices.



The author is the CEO and owner of Miami Tel Aviv Real Estate Investments

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Source: walla

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