In Miami, converging trends point to renting as a much better option than buying. Recent remarks from Federal Reserve Chairman Jerome Powell emphasized how the “growing crisis in the insurance industry” will make it extremely difficult to obtain mortgages for homes and condominiums in our area. 

A report in The Economic Times cited comments from Powell’s semiannual testimony before Congress about lenders and insurance companies substantially reducing their exposure to parts of the country that are prone to natural disasters. Florida was specifically mentioned as a state where prospective buyers could struggle to get a mortgage. 

“Powell said ‘If you fast-forward 10 or 15 years, there are going to be regions of the country where you can’t get a mortgage…There’s a short-term problem that will go away in the coming years, but there’s a longer-term problem with housing affordability, and that’s going to be something that’s not within our authorities or powers to affect.’” 

When factoring additional non-mortgage housing expenses and association fees to the cost – and scarcity – of insurance and mortgages, the choice is easy. Fortunately for those in Miami, there is a perfect new rental option in one of the city’s more desirable neighborhoods. 

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. 

Building amenities include a club lounge, fitness center, electric vehicle charging stations, bike racks, gated parking garage, dog washing station, saline pool, business center with computer stations 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 5:30 p.m. from Monday to Friday. Douglas Enclave is part of Miami-Dade County’s Workforce Housing Program – contact the leasing team for more details and qualification requirements.