Rent in Miami is Skyrocketing Again

Categories: Unreal Estate
forentsign.jpg
No longer can you count on finding a sweet deal on rent in one of those quickly filling-up high rises. 24/7 WallStreet reports that rents in Miami are skyrocketing. In fact, in the past year Miami saw the third highest rise in average rent of any major metro area, and those rents rose more than twice the national average.

Using data provided from Trulia.com, 24/7 Wall Street found that rents rose 12.3 percent percent between April 2011 and April 2012. The national average was a rise of 5 percent. Only fiver other markets besides Miami saw a rise of more than 10 percent.
Among the real estate markets to have the largest increases in rent in the past year, no region was more severely affected by the recession. Home prices in the area fell 45.5% from peak, the 14th-biggest decline in the country. However, the situation has begun to turn around in the area. Home prices increased 16.1% in the past year, and rents rose an estimated 12.3% during that time. Job growth is strong in the area at 2.34%.
Only San Francisco and the Edison-New Brunswick, N.J. area saw sharper increases.

Damn. Probably should have bought one of those condos out of foreclosure at a rock bottom price when we had a chance.

Follow Miami New Times on Facebook and Twitter @MiamiNewTimes.
My Voice Nation Help
9 comments
Sort: Newest | Oldest
Julio Santiago
Julio Santiago

No, you shouldn't have bought a condo.  The condos never sold at rock bottom prices in Miami and the association and maintanance fees added makes you feel like you are paying a double mortgage.  In Miami it is always better to rent a condo than to own one.

Heat pay NO RENT
Heat pay NO RENT

The Heat have a NO RENT deal thanks to the idiots at Miami-Dade County.

Scammers
Scammers

The Miami Heat refuse to pay rent for the publicly owned AAA Arena.

The Marlins refused to pay rent on the $3 BILLION Stadium built with taxpayer money. The Marlins borrowed their rent from Miami-Dade County taxpayers. The Marlins will never repay the loan. Scammers.

Cash only
Cash only

It is tough for typical working people to get mortgages when lenders require 50% down and perfect credit. Only foreigners and other criminals can pay "all cash".

Corruption
Corruption

The City of Miami is full of corruption. Typical of Cubans.

Amcreatives
Amcreatives

I actually tried to buy one of those shortsaled forclosure condos and was lied to so that the association could get the apt for $600.

so much corruption in this county.

Jim Camp
Jim Camp

Back to their old tricks of fraud & abuse. There's a glut of housing in this area and what is out there is constructed or was repaired with Chinese drywall. Owning it and you might as well bulldoze the dive and rebuild it. Can't wait until all the experts show up for this round of fraud & abuse. Too funny, the real estate is still inflated with a median selling/asking price that is twice as high as it really is worth. Obama is right on one thing at least, this next run at a wealth transfer is very much like what went on under Bush last decade. Real estate in South Florida, is treated like a used car, buy here, pay here lot on 441. You're only supposed to ruin your life and credit trying to own it. The game is to take back the inventory after you've done what it takes to put in whatever you own towards ownership/equity. First sign of default and they forclose, close that noose around your neck and ruin your economic reputation. Rents rise because so many others are free loading on mortgages they defaulted on over the past few years too. Too funny, renters actually more responsible than their counterpart homeowners ? Gotta get the money out of someone, homeowners are leveraged to the hilt, so now it's time to stick it to the poorest again, the renter, those that didn't take the suicide financial pill.  

Vernon6
Vernon6

I live in one of the downtown condos. I rent. I don't think buying is smart in the mega-towers. These buildings have enormous costs and once the foreign investment frenzy dries up, the costs of maintaining, renovating, powering, cleaning and running these giant apparatuses is going to encounter tremendous strain. I think they'll have a good run for 10-12 years but they will never be renovated because it will be far too expensive. 

Now Trending

Miami Concert Tickets

From the Vault

 

Loading...