The Real Deal Miami

Renters lift downtown occupancy 20 percent 

March 12, 2010 10:38AM

Miami’s long-suffering downtown condos are filling up. According to a study by the Miami Downtown Development Authority, downtown occupancy rates rose to 74 percent from 62 percent in 2009, looking at rates of the 22,079 condos constructed in the last seven years. More renters are moving down as developers have offered steep discounts and focused on renting, not selling. More occupants means Miami’s downtown is starting to bustle and stay bustling past five o’clock in the afternoon. With the rental increase, the study shows renters making up 52 percent of downtown condo occupants. [Miami Herald]