Miami Rents Increased 25.7% In September, Fastest In U.S.

Miami has seen the fastest rising rents of any U.S. city over the past year by far, according to newly released data from Corelogic.

Rents in Miami were up 25.7% in September over the previous year, the report said.

Phoenix ranked second with a 19.8% rise, with Las Vegas ranked third at 15.9%. All of the remaining top ranked metro areas were also warm weather or sunbelt locations.

Miami’s increase was also more than double the 10.2% national average.

Corelogic analyzes rents in both single family homes and condos for their Single-Family Rent Index.

According to nightlife entrepreneur David Grutman, the surging rents are making it more difficult to attract hourly workers. However, there has been an influx of top culinary talent to Miami from other big cities, he told a panel hosted by The Real Deal.

 

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Anonymous
15 days ago

My landlord increased my rent of 40% and it was basically take it or leave it. I left and the apartment rented the same day. Crazy! I moved to a smaller apartment now. I guess “live within your means” took over Miami😳

Azarius
15 days ago

But you can’t even do this because we are barely paid enough

Anonymous
15 days ago

You get bad for what you do, upscale or change jobs

Anonymous
15 days ago

yall cant handle the truth

Anonymous
15 days ago

yall isn’t a word.

Melo is chad and sigma
15 days ago

Rezoning for more density and reducing parking requirements will help solve this. Also pressure slumlords who are land bankers like mana. Miami and Dade county has plenty of empty lots.

Budding Bureaucrat.
15 days ago

The thing is its not an issue of empty lots and zoning, from what we have seen over the past few years Miami probably has some of the more pro-build cultures in the Country. We add more housing than most metro areas of a similar size.

The issue and its very statist, we need more government-subsidized housing. Any IZO is just a tax to development and will have the side-effect of scaring developers away.

But raising funds through increased taxation to build for-sale units designed for the working middle class can really fill a need.

Unfortunately, not enough housing will be built that can satisfy the needs of middle-class Miamians. If it wasn’t for the county being overwhelmingly Hispanic and having a culture of being more home-bound, I think Miami would’ve looked more like San Francisco years ago.

Azarius
15 days ago

Exactly that’s why it’s hard to find hourly workers because they can’t even work 1 job and be able to provide the basics. Ppl have to work multiple jobs and still try to live and function mentally. We need housing period! The more housing the less volatile the rent is

Anonymous
15 days ago

Dude stfu with that stuff, every city that’s been done in nothing is affordable just look to LA, SF, Seattle idk how many more examples you need. Miami was a hidden gem and turned into a world class city over night, it’ll take a little time but as long as the city builds more density and provides better public transportation prices will flatten out or fall.

Anonymous
15 days ago

Funny cities that build the most affordable housing tend to stay the least affordable…Miami blow up in less than a year developers are building we just need better transit because in ever major city the urban core usually isn’t affordable.

Budding Bureaucrat.
15 days ago

Its a drop in the bucket to what is actually needed. Building a dozen units here or there is not enough to make a dent.

Not enough is built and the rents keep increasing because wouldn’t you know it! People keep wanting to move in.

Anonymous
15 days ago

Dozen units??? Miami has more condos being built than much larger cities like NYC or SF, within a few blocks of me about 5 buildings are going up and I’m not even in downtown. Miami was overbuilt before COVID…. Which is why rent was so cheap, any city that has implemented what you have suggested has been unaffordable for decades. Miami has been unaffordable for about a year rents will flatten or fall soon enough but we need more mass transit so those who aren’t professionals can commute to the urban core from more affordable areas of the city.

Budding Bureaucrat
15 days ago

*Dozens of affordable units.

The issue is that it’s not a uniquely urban core issue. It’s throughout the entire county.

When a new house in West Kendall, previously affordable, is going for 400-500k. You really don’t have many places to go. Even if they increase mass transit, it would alleviate some of the Burden but it won’t solve the underlying issue of housing unaffordability

Budding Bureaucrat
15 days ago

Miami has also been unaffordable for years! And considering that the wages are lower here it’s doubly expensive!

Anonymous
15 days ago

^^I remember when I was a kid in Kendall in the 80’s a house in West Kendall could be had for $175-200K. Of course, mortgage rates were 8-10%, and 40K/yr was considered good money. Everything’s relative.

Budding Bureaucrat.
15 days ago

My parents bought their 4 bed 2.5 bath in the Forest Laeks for 120,000 in 1997.

Its definitely not that.

Anonymous
15 days ago

^^^I mean a real house with a real yard, not Forest Lakes.

Budding Bureaucrat.
15 days ago

Real house and real yard to me!

Anonymous
14 days ago

The landings?? 440k

Anonymous
10 days ago

Exactly!

Anonymous
15 days ago

More like 50%

Anonymous
15 days ago

My building increased almost 60%!!

Anonymous
15 days ago

Where’s that?

Anonymous
15 days ago

Downtown in Park West

Anonymous
15 days ago

Wow! Now bring in more jobs and office buildings so people can actually afford these rents!

Budding Bureaucrat
15 days ago

Be thoughtful, what about the people who live here… seems to be an erasure of the middle and working class.

Like poof they’re gone!

Anonymous
15 days ago

I left NYC 10 years ago cause I couldn’t afford to live there, people move all the time and Miami is still far more affordable than NYC.

Nia R.
14 days ago

Yep there trying to make South Beach Uber rich and push out the middle class. Everytime I walk the beach new luxury condo’s and buildings are popping up. I think soon the entire beach will be similar to the South of fifth neighborhood. I am getting prepared to have to pack my bags and head back to my hometown in Upstate NY. It is beautiful there and full of nature and fresh air so I probably won’t miss the drug infested, party city , over priced rent area called “South Beach”

Anonymous
15 days ago

my rent went from 1650 in 2017 to 2500 in 2021… it’s tough justifying the increase for a fucking studio lol

Anonymous
15 days ago

My unit was $1950 in May 2019. Same unit line about twenty floors lower is going for $2900 currently. Brickell/Downtown border.

Anonymous
14 days ago

When I left Miami to LA in 2019 by LA rent was considerably more expensive for less. Now similar units in Miami have surpassed what I pay in LA two years later.

Melo is sigma and chad
15 days ago

The county is adding alot of subsided housing but its in areas alot of people think they’re to go for. Liberty city and allapatha are getting alot of new highrises. Not everyone is meant to live in the urbancore.

Anonymous
15 days ago

Shitloads of middle class rental buildings currently going up in places like South Dade and Dania, but the “I gotta live on Brickell on $60K/yr and eat out 15 times a week and have free Metrorail take me everywhere cause I can’t afford to drive a car” crowd here craps bricks whenever this site covers developments south of Coral Gables or north of Aventura. So there’s that.

Anonymous
15 days ago

Dude, chill.

Anonymous
15 days ago

^^^let the truth simmer a bit, the get back to me.

Anonymous
15 days ago

So yall could whine but not accept the facts, typical

Anonymous
15 days ago

Good grief. How hard is it to read what you write before posting? 🙄

Melo is sigma and chad
15 days ago

its a forum goofy

Anonymous
15 days ago

There are literally 9 typos in your comment. Hope Melo isn’t paying you for your promotion.

Anonymous
15 days ago

red herring fallacies

Anonymous
15 days ago

Lol Please don’t pretend you know what those words mean.

Anonymous
15 days ago

Red Herring Fallacies is the new Taylor Swift album

Anonymous
15 days ago

My rent increased by 20% I don’t know how anyone can afford to live here anymore

Anonymous
15 days ago

Feds tapering interest rates/landlords finally able to execute evictions along with a bubble that’s “inflating” as we speak. May not be 2007 but something has to give!!

inventorycomingfolks
12 days ago

let them build, in the next 2-3 years, circa 2024/25 you will see biggest bust ever

Anonymous
10 days ago

Lets see how many of these people are called back to the office in 2022

Anonymous
15 days ago

🤪🤪🤪

Anonymous
15 days ago

It would be nice if this was just another covid “bump” that might dissipate over time, but I wonder if there was some pent up demand behind this pressure as well. New supply would help, but the cost basis of new product may keep the pressure on rents. The old relief valve of moving in with the parents doesn’t work as well in the covid world.

Anonymous
15 days ago

Soffer concurred, noting it has been hard to hire new employees in lower-paying jobs such as maintenance and housekeeping. “When the government gave out big checks, people stayed home,” Soffer said. “[They] are starting to come back. The money is wearing off. The free ride is over.”

Lol….Some people really think two stimulus checks of $1400 is a fortune. The real free ride was the amount he got from PPP loans.

Andros
15 days ago

I do believe we need a Singaporean approach to housing in Miami. Government-built public housing estates, that are sold off to people. The government absorbs the loss, but the trade is that Miamians can be brought into the middle class.

That’s why I like the Patria y Vida proposal.

Anonymous
15 days ago

The government doesnt absord the loss. Taxpayers end up absorbing the loss

Budding Bureaucrat.
15 days ago

You can argue that the taxpayers are already being asked to absorb the loss in quality of life.

Anonymous
15 days ago

It’s there choice to no longer be a tax payer in Miami then….I moved out of NYC 10 years ago cause I couldn’t afford it and now I’ll have to move out of the urban Miami core, no big deal.

Anonymous
15 days ago

Or remove some of the red tape and euclidean zoning rules. Miami is evolving into a major metro area and as such should evolve its zoning rules. Miami’s downtown area is surrounded for the most part in single family neighborhoods. The only way to open more affordable housing is building more low/mid rise buildings in neighborhoods that are currently single family. It’s unlikely to happen anytime soon but it’s an inevitable process.

Downtown and Brickell evolved from single family neighborhoods to what they are today. It has happened and will happen in the future.

Budding Bureaucrat.
15 days ago

Miami is denser than most places and even the areas surrounding downtown Miami are dense.

We have had the single-family zoning for years, and no one was arguing that it was affecting the affordability as much they do today. Following that logic New York City and Hong Kong should have the cheapest housing on earth…

The issue is that there aren’t enough buildings of housing stock meant for people of a certain income because it isn’t profitable to build it. I am very much pro-build, but without significant government support there’s no way that enough housing will get built in Miami-dade County.

Amending the zoning code to allow for the construction of denser properties by right can probably cut red tape out, but developers are not going to build just because they can.

Anonymous
15 days ago

They are through new building announced every week, and currently like 10 buildings going up at all the train stops, the developers want there money so they’re building.

Budding Bureaucrat
15 days ago

The issue isn’t one of supply of all housing, just housing that’s affordable to those lower on the income bracket.

Budding Bureaucrat
15 days ago

I’m still waiting to see luxury development at the okeechobee or palmetto station!!

Anonymous
15 days ago

Miami doesn’t have euclidean zoning… We were actually the first big city in the country to adopt a form-based zoning code. There is definitely still red tape, but Miami21 is actually a very progressive zoning code.

Anonymous
15 days ago

With that logic, why is London so expensive when the UK has no zoning laws? The places with the most Euclidean zoning rules are the most affordable. For example, Miami Gardens, but lemme guess…

Anonymous
15 days ago

Singapore is literally a city-state that can manage it. It’s not even an apples to oranges comparison, more like apples to tennis balls.

Anonymous
15 days ago

The problem is that rent increases by owners aren’t capped like they are in other states.

Anonymous
15 days ago

The market decides the cap, not the government.

Budding Bureaucrat.
15 days ago

That would have the adverse effect of taking units off the market completely.

Anonymous
15 days ago

Move to nyc if you want rent caps…..it’s worked out wonderfully I’m nyc.

Anonymous
15 days ago

Lol this website is filled with greedy landlords

Anonymous
15 days ago

And nonworkers that feel others owe them a cheap place to live.

Anonymous
15 days ago

Wouldn’t a nonworker be homeless? When you increase the rent 40-60% right before the lease up, I think it’s normal for people to complain about it.

Mari
15 days ago

Landlords have to increase rent because government is raising property taxes, condos are increasing maintenance fees, Home Depot, BrandsMart and handyman increased all of the products and services not to mention insurance companies and management fee.

Budding Bureaucrat
14 days ago

The Chicago region and it’s suburbs have some of the highest property taxes in the country, and it’s by far cheaper.

Anonymous
14 days ago

Chicago is losing population… even the metro area

Budding Bureaucrat
11 days ago

The City of Chicago actually grew in the latest census.

Anonymous
15 days ago

Um, even liberal economists agree price ceilings like rent control have been a disaster. Inclusionary zoning and banning single-family homes are also great ways to do more harm then good.

The Tax Payer
15 days ago

Taxes, utilities… flood, Wind, building and liability insurances…. permits, vendors quotes are increasing. So rent is increasing. And if rent increasing sales increasing…. taxes keep increasing 😩