Why high-income professionals are choosing luxury rentals over homeownership

Real estate

When  Avara Miami Beach  broke ground, its developers were not just building a high-end rental complex—they were wagering on a new demographic of affluent nomads who did not previously exist in Florida’s luxury ecosystem. Betting on the fact that New York’s and California’s increasingly restrictive tax environments would trigger an exodus of wealthy, highly mobile professionals, Avara’s developers set their sights on these high-net-worth “refugees” with the budget to buy, but a newfound

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