Miami generates many favorable headlines, but the Magic City recently ranked No. 1 on the wrong kind of list: the nation’s most expensive mortgage rates.

At just under 7%, the Miami metro area’s median mortgage rate was the highest among all major U.S. markets tracked by construction and real estate industry data firm Construction Coverage. Only 58% of all fixed-rate mortgages in the Miami market were approved at rates below 7%. That is the smallest ratio of any large U.S. metro area.

“It’s yet another challenge for prospective homeowners in South Florida, which has become one of the most expensive residential real estate markets in the country since 2020,” the article states. “Higher interest rates have driven up borrowing costs for people who need to finance home purchases, essentially giving buyers less bang for their buck.”

Given this trend, it is no surprise to see more people in the local market opting to become “rentvesters,” a term that describes someone who rents in a major city while purchasing a residential investment property elsewhere. Douglas Enclave is the perfect rental option for an aspiring “rentvester” who wants to enjoy living in Miami while building wealth through real estate ownership in a different city.

Available Units For Rent At Douglas Enclave

Douglas Enclave is an 11-story, 199-unit building with brand-new Little Havana apartments available for rent. It includes a thoughtful mix of studio apartments, one-bedrooms, two-bedrooms and townhomes for rent. Individual apartments feature vinyl-wood flooring, open-concept kitchens, stackable washer/dryer units and efficient appliances.

Additional building amenities include a club lounge, bike racks, gated parking garage and a package delivery room. Douglas Enclave is extremely transit-friendly and located next to a Coral Gables Trolley stop.

Little Havana is one of Miami’s most popular neighborhoods to live in because of its convenient location, rich history, culture and many things to do. The neighborhood is perfectly positioned near the world-class shopping and dining of downtown Coral Gables, and a short drive from Miami’s bustling Brickell financial district.

For more information about Douglas Enclave, call (786) 610-4811 or visit the leasing office located at 61 NW 37 Ave. between 9:30 a.m. and 6 p.m. from Monday to Friday, and between 10 a.m. and 5 p.m. on Saturday. Douglas Enclave is part of Miami-Dade County’s Workforce Housing Program – contact the leasing team for more details and qualification requirements.