Economic downturns are also called "corrections" for a reason — they enable peak-level prices to come back down to a reasonable level. Given its scope, one might expect the coronavirus crisis to harshly correct Miami's long-rising prices.
But workforce housing developers in Miami doubt rents will drop, because their own costs remain high and tenant demand remains great.
The average monthly rent in Miami is $1,702, according to RENTCafé. The crisis may cause land prices to come down somewhat, said Astor Cos. CEO Henry Torres, a value-driven developer who has pioneered certain neighborhoods with projects like Valencia in South Miami, Nordica in The Roads and INTown in Little Havana.…
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