The price of renting an apartment in Miami increased by 40% per day: what is happening with the housing market in America

Inventory shortages and skyrocketing prices are making housing affordability in Florida a big problem, even for people whose jobs are in high demand. NewsChannel8.

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Joe Flahy, an intensive care unit nurse, lives in Miami with his wife and two children, but can no longer pay his rent.

“I have a great job at probably the highest paying hospital in the city of Miami,” Flahey said. - I love my job. I love my hospital. I think it's a bigger systemic problem."

After one call from the landlord, Flachy's rent went from $1725 ​​a month to $2400, almost 40%.

“My landlord told me, ‘It’s not personal,’” Flahey said. “But I said, 'When you're dealing with people's houses, it's personal.' Flahey said he likes his home, but it doesn't have any amenities like a pool or gym.

“It looks like we’ll have to move,” Flahey said. “We're going to rent here for another year and re-evaluate.” But it will be one of the most painful moments for me to leave Miami.”

The latest data Zumper about real estate, rent increases become the name of a game. The most expensive rent in the country is in New York City, where the median price for a one-bedroom apartment is $3260.

Zumper's top 10 cities for high rents included Miami and Fort Lauderdale as the most expensive one-bedroom apartments, while the rest of the country saw rents for one-bedroom apartments rise an average of 12%.

• New York, NY - $3260 per month.
• San Francisco, California - $2850 per month.
• Boston, Massachusetts - $2720 per month.
• San Jose, California - $2390 per month.
• Miami, Florida — $2340 per month.
• District of Columbia - $2250 per month.
• Los Angeles, California - $2220 per month.
• Oakland, California - $2100 per month.
• San Diego, California - $2070 per month.
• Fort Lauderdale, Florida - $1940 per month.

The fact that two Florida cities are included in the list of the most expensive cities to rent is no longer as surprising as it used to be, especially in light of the sharp increase in prices across the state in areas such as Miami and Orlando, as well as in Tampa Bay. While prices are rising in Florida, it's not the only place where renters are seeing their spending rise, like Las Vegas or Memphis. In the Florida cities covered by the Zumper study, cities like Tampa, Orlando, and Miami saw rents rise more than 25% in the last year.

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Another real estate company ApartmentList reported that rents rose by a "record 18%". According to their rental data, although prices fell slightly at the end of 2021, this was a short-term decline.

“Over the past four months, monthly growth has averaged just 0,2%, and overall growth over that period has been less than 1%,” ApartmentList reports. — Rents actually fell 0,2% in December, the only time they have done so in 2021. This fall in prices was short-lived, but growth this month was still modest.”

Both research and companies agree that New York is still the most expensive city to rent. While Zumper has mostly focused its data analysis on prices, ApartmentList is also keeping a close eye on the rate of price growth, which it calls rent growth.

According to ApartmentList research, three Florida cities are among the top XNUMX fastest growing city rental prices. Two are in Tampa Bay.

• New York, NY - 33,5% rent increase.
• Tampa, Florida - Rent growth of 31,4%.
• Scottsdale, Arizona - 31,1% rent increase.
• Orlando, Florida - 30,1% rent increase.
• Mesa, Arizona - 29,5% rent increase.
• St. Petersburg, Florida - 29,3% increase in rent.
• Irvine, California - 28% rent increase.
• Phoenix, Arizona - 27,9% rent increase.
• Glendale, Arizona - 27,5% rent increase.
• Las Vegas, Nevada - 27,4% rent increase.

Although Jacksonville wasn't in the top 10, it wasn't far behind, with its own rent growth of 25% year-over-year. The growth factor and prices also differ in cities like Tampa and New York.

ApartmentList reported that while New York's rents rose the fastest in 2021 but saw a decline at the start of the pandemic prior to the COVID-19 price surge, Tampa never had a rent cut.

“Tampa never had a significant rent cut at the start of the pandemic, and rents there are now 34,3% higher than they were in March 2020,” ApartmentList reported. The study also says that while there are cities with slower rent growth compared to other areas of the US, rents across the country are still growing "fast by historical standards," putting affordability at the top of the list.

Tampa is also fast becoming a popular job market for longshoremen. In the last quarter of 2021, more people moved to Tampa than any other place in Florida. Across the state, 16% of all Florida homes are purchased in Tampa. This was a trend that continued for much of the past year.

Armando Alvarez, a realtor, said higher living and rent costs are causing more people to look for roommates, rethink where they live, or consider moving to the suburbs.

16% of all Florida homes purchased in 2021 were in Tampa.

“A lot of people have to rent on AirBnB or stay with friends or family while they try to find a place to rent,” Alvarez said. - It's complicated. It's hard to watch."

You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

As prices rise, affordable housing is still shrinking. ApartmentList reported that the rental market is still tight, with fewer apartments available to move into, even if you can pay the price. Although prices are not rising as fast as they used to, the limited number of homes continues to burden American families.

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