After a 2020 exodus, urban apartment dwellers are making their return, according to commercial real estate firm Berkadia's South Florida Mid-Year 2021Institutional Report.
Nearly 200,000 residents left South Florida's urban centers last year, and two-thirds of those relocated to cheaper neighborhoods in the metro area. But during Q2 of 2020 through Q1 of this year, nearly 125,000 people migrated to the suburbs, while 21,000 migrated to low-cost, large metropolitan areas.
Senior managing director Charles Foschini of Berkadia in Miami said that's due in part to people who work from home wanting to live in spaces with access to nice restaurants and amenities without having to buy a home or condo, which creates demand. According to the report, South Florida is expected to get an additional 60,000 new residents throughout this year and 2022.
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Melea VanOstrand
Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.
