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Is Miami the best city to rent?

21 Nov
Is Miami the best city to rent?

Sorry to burst the bubble but the answer is no. According to Apartment List, Miami ranked 100 out of 100 cities. The Miami-Dade County has the largest cost-burdened percentage in the U.S. Cost burdened percentage is defined as the percentage of household income spent on mortgage cost or rent.

According to the website, 63% of renters in Miami are paying more than 30% of their income to their landlord. 34% of them are categorized as severely cost-burdened which means they spend more than half of their income on rent. Sydney Bennet, the senior research analyst explained that Miami is not the most expensive city for renters but most people are not able to afford it. Cities such as San Francisco, Seattle and New York has higher rents but they enjoy higher income as well.

According to Zillow, the median rent price for a one bedroom apartment in Miami-Dade is $1,981.  The demand for rental housing is expected to reach 700,000 by year 2030 and unfortunately this cannot be fulfilled at current development pace. This means that rent price will be further driven up which in return, will drive out the working-class families from the metro.

Thankfully, Miami is also ranked as the fastest growing median income city in the U.S. It went from $30,000 in 2015 to $34,900 in 2016. Although Miami is considered as the worst city to rent, we have seen long-term rentals picking up in condominiums such as The Yacht Club, The Floridian and The Biscayne Beach condo.

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Posted by on November 21, 2017 in News

 

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