Apartment Rent Prices in Miami Rose During COVID – Miami, Florida

People have said it for years: Miami rent is too high..

And according to recent reports, rents continue to rise, even during a pandemic.

Recently published Rental report According to RENT Cafe, an apartment listing service in the Miami metropolitan area, average apartment rent in Miami in April was $ 1,768, up 2.9% from last year.

The increase in Miami, where lessees make up about 67% of the population, is following a similar trend in other cities around Miami-Dade County.

Miami Beach’s average rent for April was $ 2,064, up 3.8% from an average of $ 1,988 last April. In Homestead, where many residents fled to escape the surge in rent in the more urban areas of the county, average apartment prices rose 4.8% to $ 1,339 per month.

The cities in Miami-Dade with the highest rent increases were Aventura (7.7%), Hialeah (5.7%) and Coral Gables (5.1%). RENTCafe found that Coral Gables has the highest average apartment rent in a metropolitan area. City Beautiful rents come in for $ 2,709 per month.

The increase to Miami-Dade is already Notorious living expenses Come while the county is still trying to revive itself after the economic downturn caused by a pandemic that left many inhabitants Still unemployed.. Price increases are part of decades of local real estate madness and will be serious in the coming months and years, according to Ned Murray, associate director of the Jorge M. Perez Metropolitan Center at Florida International University. It can bring about good results.

“Before the pandemic, rents were rising faster than the value of the house. Then there was a pandemic situation and this buying frenzy around the world. It’s very for anyone who wants to live in Miami. Created an affordable situation, “Murray says. New Times..

Last year, the US housing market saw more buyers buying homes and fewer trying to sell existing real estate.It Home buying frenzyIs partly due to the increase in telecommuting that encourages travel from urban areas, but rents are rising due to the small number of homes to move.Murray says he’s growing Housing crisis Especially bad in Miami.

“It’s just an incredible supply and demand shortage. We aren’t building market-priced homes. [in Miami].. We obviously made luxury homes, but even market-priced homes that people can generally buy [housing] Under some government programs, it is neither a grant nor an affordable price. We are not building anything. Nothing has been built for decades, “says Murray.

According to Murray, even some historically cheaper counties, such as the South Dade and West Kendal areas, have seen increases, and price increases are no longer concentrated in downtown urban areas.

Murray says that when people return to work after the pandemic blockade, many who work at the minimum wage will have a hard time paying rent at an increased rate. He also warns that a crisis will come when the COVID-era peasant eviction moratorium and government rental support programs expire and invoices are paid to unpaid lessors and homeowners.

“It will be really difficult years in the future as these various federal and state-wide policies and programs begin to disappear and people have to start paying off rents and overdue mortgages,” Murray says.