Rents in Miami continue to rise
Rents in South Florida continue to rise and are becoming more of a concern as renters feel the pressure and residents from other states and cities prefer to move to Miami as it is a cheaper city to rent, WSVN reported.
"Every time someone sneezes in New York, they're moving to South Florida," announced Amanda Goldberg, real estate agent.
Likewise, Goldberg assured that “If you do not come with cash, it is very difficult for them to accept your offer at this time.”
Homes are being discounted either because of the neighborhood inventory of the same single-family homes or even skyrocketing rents.
“The rents have doubled, and the thing about the rent is that it usually doesn't go down,” Amanda detailed.
The red market has been caused by inflation and also by the pandemic.
“It's tough for a first-time homebuyer. They want to come in with an FHA loan, put down a 3.5 percent down payment, and they just can't do it,” the realtor reported.
Anyone looking for a single-family home or renting an office will be hit financially, and that's not optional.
The average rent for a house is approximately $560.000, however a one-bedroom apartment can cost approximately $2000 per month.
Local leaders are doing everything in their power and Maiami is dancing with a rent stabilization fund of about $5 million.
“You are eligible to receive up to $1,000 a month for six months, if you receive an increase of more than 20 percent in your rent”, announced Francis Suárez, mayor of the city.
Suárez also mentioned that "This is the year."
On the other hand, the mayor of Hialeah, Esteban Bovo, announced: "We need to facilitate the development of people, granting more density in exchange for obtaining some units that can help people in our community with labor and low income."
The economy has left many out of South Florida.
Goldberg concluded by explaining that “For people who are trying to start a family, they are having a very difficult time. Most are moving north."
Miami Daily
Author: Emery Barreto 6:55 am