In Miami, housing rental costs are higher
Many want to live in Miami, but before making that decision it is important to organize finances based on the rental costs of a property.
Miami, a technological, financial and crypto city, is among the five most expensive cities to rent, with a rental fee equivalent to US$ 2.340, above Washington DC (USD 2.250) and Los Angeles (USD 2.22), according to the real estate company. Zumper.
In the first position is New York ($3.260), San Francisco ($2.850), San Jose ($2.390).
According to Bloomberg, rental costs in Miami increased between 30 and 60%, in areas such as Downtown, Brickell and Edgewater, where despite high prices, properties are scarce
According to the portal www.apartmenthomeliving.com, estimated rental prices in Miami vary between USD 2.098 for a studio space up to USD 13.936 for a place with four bedrooms. Although the page reflects high amounts of between USD 8.000 to USD 100.000.
“While rental cost growth showed signs of slowing at the end of what was a torrid 2021, January data shows rents hit another all-time high, with the average one-bedroom rent rising 12% year-on-year. after year at the national level. The median two-bedroom rent increased 14,1 percent year over year," Zumper said.
In the United States, the Texas metropolitan area is the one that has experienced the highest rental growth since the covid-19 pandemic began in 2020, while Houston and other nearby cities have had a modest performance.
Median one-bedroom rent in the Zumper National Index rose to $1374 this month, up 12% year-over-year. The median two-bedroom apartment rose to $1698, up 14,1% year-on-year, journalist Jeff Andrews analyzed.
#Economy Miami, among the five cities with the highest rental price #28Jan #ObservadorLatino https://t.co/ACZpOmzojY
– Latino Observer (@observadorlat) January 28, 2022
The lure of Miami
The Miami metropolitan area was already a draw even before Covid, with its warm weather, white-sand beaches, and absence of state, though not federal, income taxes.
It is a sophisticated, cosmopolitan and attractive city for European and Latin American investors.
But the pandemic has made Miami even more of a mecca. Strict stay-at-home rules in other parts of the United States and the rise of working from home for a company that may be far away has prompted many to move to South Florida.
They came in droves from northeastern cities like New York and Boston, as well as California, finding cheaper rents and Republican politicians eager to get the state economy back on track after the ravages of Covid lockdowns.
“They started coming to South Florida in droves,” said Jennifer Wollmann, president of the board of directors for the Miami Association of Realtors.
“Our climate, business-friendly state and open spaces are very attractive to people who come from cold and closed states,” he said.
The effect quickly became apparent. People with jobs better paid than the going rate in South Florida caused home prices to skyrocket.
A study published in December by Realtor.com said the Miami metropolitan area saw the steepest rent increases in the United States last year.
The real estate portal RealtyHop says that Hialeah is the fifth least affordable real estate market in the United States. A median-income family looking to buy a home there would have to spend nearly 60 percent of their annual income on that purchase.
Author: Patricia Chung 8:35 am