Miami has much to offer, from business opportunities to cultural diversity, educational expansion, world renowned health care and a multitude of entertainment and lifestyle options. It is no surprise then, that Miami has maintained its high ranking for having one of the nation’s most expensive rental rates.
Zumper, an online rental listing site, conducted a study on the top 50 metropolitan areas across the United States. The results of the study, conducted in February 2015, showed that popular cities such as San Francisco, New York, Boston, Washington D.C., Chicago and Seattle were among the top 10 most expensive rental cities in the nation. Miami, listed as number eight, has been raising a bit of concern for both current and future Miami rental residents. Although Miami is not number one on the list, its renters are exhibiting a negative reaction because studies and trends are predicting that these monthly rates will continue to rise.
So what is a Tenant to do? Well, for starters, I believe that renters should know this: on average, it costs $400/month more to rent than to own. The next thing that renters should note is the fact that mortgage rates are nearing record lows – which makes home ownership a more realistic goal for a lot of people. For some, renting has always been the “better” option due to the popular notion that Tenants evade property maintenance costs; however, this couldn’t be further from the truth, especially when you weigh the value in owning versus renting in the long run.
Check out this article on why buying a home makes sense: Why Buying a Home Makes Sense!