International remote workers are flooding into Miami, despite record rent increases in the local apartment market. Miami is one of the nation’s effective asking rent growth leaders, with an increase of 23.3% in the year-ending April, according to data from RealPage Market Analytics. In fact, the rent growth leaderboard in the past year is almost entirely comprised of Florida markets, with New York – the only market outside of the Sunshine State – sneaking in at #10 on the list. According to Bloomberg, Miami was recently named one of the best places in the world for high-income remote workers. In fact, Miami was the only U.S. market to make the international list, coming in second after Lisbon. Internet speed was cited as a big advantage in Miami, as well as climate and connectivity by air to other countries. While rental rates were not noted as a draw in this South Florida market, Miami’s other features continue to make it a destination for remote workers from around the world.
