With investors being about 90% of buyers, the Brickell condo market demand is comprised of mostly Latin Americans seeking local long-time renters or short-term renters for visitors, luxury condominium developers say.
Developers in Brickell are actively adapting to the growing trend of short-term rentals by designing and building new buildings specifically intended for short-term rental use. Approximately 50% of the current rental supply in Brickell is now dedicated to short-term rentals, with the remaining 50% allocated to long-term leases, according to Santiago Vanegas, founder and CEO of Habitat Group.
“Miami attracts about 8 million visitors per year, which is 17 times compared to the local population of roughly 500,000,” he said. “Over the next five years, approximately 2,000 new short-term rental units are expected to be delivered in Brickell, making short-term rentals a lucrative and necessary option for both developers and investors, and the demand is going to absorb that because no city in the planet is having the number of visitors as Miami in comparison with the people that live in Miami.”
Through Habitat Group, Mr. Vanegas said, he is one of the most active developers in Brickell, overseeing a portfolio that accounts for roughly 35% of the submarket’s pre-construction condo inventory. His firm, he said, is behind several of the district’s most in-demand mixed-use and short-term rental-oriented condos, including Smart Brickell, Millux Place, Season One, and Parkside.
“Brickell offers excellent connectivity with the Metrorail and Metromover, allowing residents to reach downtown in minutes and enjoy a vibrant lifestyle and dynamic nightlife scene, with some of the best restaurants and rooftop venues in town,” he added. “Many people, especially young professionals and locals, are attracted to the energy and prestige of living in Brickell, which is seen as an epicenter of activity in Florida.”
Currently, the projects actively under construction in Brickell are generating the most interest, and the market continues to favor new construction, especially as more buyers focus on quality, lifestyle and long-term value, added Michael Patrizio, the managing director of Mast Capital.
At Cipriani Residences, Mr. Patrizio said he has seen strong momentum since breaking ground in February 2024, with strong early demand from South and Central America, as well as European markets.
“As buildings rise, so does market interest; it’s a natural progression. There’s a lot of older condo inventory sitting on the market as well, but new buildings are the ones getting the attention,” he said.
“A recent trend we’re seeing in Miami,” Mr. Patrizio said, “is that preconstruction sales often start with international buyers, and domestic interest picking up as the project progresses. We’re seeing increased interest from American buyers who prefer to see, experience and connect with the building before making a purchase. At the end of the day, they’re looking for four key things: exceptional food, top-tier service, a hassle-free lifestyle, and a strong sense of community.”
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