Hello Rental Tenants,
How has avoiding the extra costs associated with owning a home (interest payments on the loan, property taxes, homeowner dues, improvement/repair costs, etc.) been? Some of you are coming into your independence and are looking for your very first rental property, it is a very exciting time for you. Many people (including me) urge renters that paying rent, is essentially paying someone else’s mortgage, when you could buy a home and make those same payments– sometimes less– on your own mortgage. However, as an experienced renter, Im sure you are doing what makes the most sense to you, your finances and your family. I will be the first to tell you that, if five years is the longest you can envision yourself living in one place right now, renting is probably your best bet financially.
South Florida’s rental market is interesting to say the least. While rent growth slowed down in the nation’s hottest markets, Florida went against the current in 2017, and gained traction with increasing numbers of renters. Although the amount of renters increased, the amount of monthly rent however did not decrease. Even with the market facing housing shortages and rising home prices, South Florida still saw rents soaring. Yet, the area is still appealing to millennials and people across the world making the move to South Florida. Miami ranked as the second most desired city for millennials to move to, according to a recent Realtor.com survey. And, 7,500 new people move to Miami-Dade County every month, according to Miami-Dade Property Appraisers 2016.
According to Florida Trend, Florida’s most expensive cities for renters include: Fort Lauderdale and Miramar, both exhibited significant Year Over Year growth rates in 2016, 4.0% and in 2017 3.8%. The ubiquitous Miami managed to preserve a fragile balance between demand and supply. Miami also closed 2017 with a 2.4% rent increase, reaching $1,610/month. The research reflects a growing pessimism in South Florida for renters. Rents are notoriously unaffordable in Miami, which has consistently ranked as the ninth-most expensive city for renters, according to Zumper.
Although sometimes pricey, South Florida still offers some of the most beautiful rental properties in the world. Ultimately, people chose to sacrifice the amount they pay for rent in South Florida, for the lifestyle. The subtropical climate, beaches, activities and growing cities are all worth it int he end. If you are looking for a rental, you can start your search down below.