In another example of Miami real estate gone bonkers, Zumper, the popular housing website for renters, rated Miami as the US city with the fastest rising rent prices. Should we go back to live with our parents now or later?
Zumper has been tracking apartment rental prices since 2014 and Iits most recent report look at where those numbers are now. As prices continue to climb across the country, Miami posted the most dramatic growth than any other U.S. city in 2021.
Miami overtook San Jose, Calif., as the fourth most expensive city for renters with a remarkable 38.9% increase from March of last year. Yippee, we! It beat out Los Angeles, San Diego and Oakland, places that have always been more expensive to live than Miami and are suddenly cheaper. New York, Boston and San Francisco still have higher rents than Miami, but the increase since last year hasn’t exceeded 30%.
Miami’s rise to the top 10 illustrates a problem locals know all too well. Rent in affluent neighborhoods like Aventura and Coral Gables is up 30% year-over-year for one- and two-bedroom apartments. This means that the person who pays $2,000 in 2020 is now paying $2,600 and landlords don’t give much notice. Fortunately, there is relief on the way.
Last week, Miami-Dade County Mayor Daniella Levine Cava signed a bill requiring landlords to provide their tenants with at least 60 days notice before raising their rent by more than 5%, as well as extending the notice period required for eviction from 30 to 60 days. The bill won’t stop landlords from raising prices, but it will at least give tenants more time to prepare for the impact and parents to get used to the idea of us eventually returning to our childhood rooms. Watch out, mom and dad.
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