Miami is the 8th Most Expensive City to Rent In, but It’s Still Cheaper than New York City
Many Miamians perceive rent prices are skyrocketing, and several studies appearing in the Miami Herald confirm that perception is a reality. Rent is a concern that continues to deepen. Yes, we have the beach, culture, and a thriving art scene, but many cannot participate in the best Miami offers as they work simply to keep a roof over their heads. For rent to be considered affordable, it has to be less than 30% of the renter’s annual income and in Miami, many are putting 43.2% of their pay toward rent alone.
The bad news is rent is high; the good news is that Miami ranks only as the eighth most expensive city to live in according to Zumper, a real estate site for rental listings. Miami’s median rent is $1,800 a month.
So how does Miami stack up against the rest of the country? A detailed Zumper report compared one-bedroom rentals in multiple cities and showed that the difference is sizeable. Depending on the neighborhood, New York City can be as high as $4,100 for an apartment in Tribeca, or as “low” as $2,550 on the Lower East Side. Rentals in the Big Apple are often twice the price of same-sized housing options in the Magic City.
Thankfully, rent is not the only option. Miami is a haven for snowbirds and will most likely always be. When New Yorkers are breaking out their winter attire, Miamians are either at the beach or brunching outdoors. Instead of seething in envy, many New Yorkers are buying properties to be used as vacation homes in certain seasons and rented out for the rest of the year. Among Europeans, Miami is in the top five most popular summer destination, according to the Huffington Post. They will never be a shortage of interest in rental properties either from other countries or domestically.
For those who cannot, or don’t want to, leave New York City, a compromise can be reached. A vacation home for wintering New Yorkers that turns into a rental for tourists during the summer can be an excellent investment.
For more information on available investment properties in Miami, contact Suzanne Feanny for a free consultation.
Miami.Curbed.com, “Miami is the 8th Most Expensive Metro to Rent, Unsurprisingly,” Sean McCaughan, 7 May 2015