In yet another example of Miami real estate gone bonkers, Zumper, the popular housing website for renters, has deemed Miami the U.S. city with the fastest rising rent prices. Should we move back in with our parents now or later?
Zumper has been tracking apartment rental pricing since 2014 and its most recent report takes a look at where those numbers are currently. While prices continue to climb across the country, Miami exhibited the most dramatic growth than any other U.S. city in 2021.
Miami surpassed San Jose, California, as the fourth most expensive city for renters with a remarkable 38.9 percent increase over March of last year. Yay, us! It beat out Los Angeles, San Diego and Oakland, places that have been historically more expensive to live in than Miami and are suddenly cheaper. New York City, Boston and San Francisco still boast higher rents than Miami but the increase since last year did not exceed 30-percent.
Miami’s ascent into the top-10 list illustrates a problem locals know very well. Rent in affluent areas such as Aventura and Coral Gables is up 30-percent year-over-year for one- and two-bedroom apartments. That means the person paying $2,000 in 2020 is now paying $2,600, and landlords aren’t giving much notice. Fortunately, there’s some relief on the way.
Last week, Miami-Dade County Mayor Daniella Levine Cava signed a bill requiring landlords to provide their tenants with at least 60-days' notice before increasing their rent more than 5-percent, as well as extending the required notice period for eviction from 30 to 60 days. The bill won’t keep landlords from raising prices but it’ll at least give tenants more time to brace for impact, and parents to get used to the idea of us possibly returning to our childhood bedrooms. Heads-up, mom and dad.