The price of rent in Miami, Florida, has surged by 58% over the last seven years, far outpacing the national average. The new data enraged Miami residents, who feel as though the struggle to keep living in the popular city grows heavier every year.
Recent data from the Zillow Observed Rent Index placed Miami second in rent price growth among all major U.S. cities. The Florida city is only behind Providence, Rhode Island, where rents increased by 66% over the same timeframe. Other Florida locations, such as Tampa and Jacksonville, also appear on the list, with growth of 56% and 43%, respectively.
By comparison, official inflation in the United States rose by almost 30% during the same period, highlighting how expensive it has become to rent in Miami.
Floridians Slam Miami’s High Rent Prices
On Reddit’s r/Miami, residents were outraged by the data, though not surprised, as they have been feeling the effects of high rent in their daily lives. One user said, “I imagine the Venn diagram of people who lived in Miami that whole stretch and had their salary keep pace is two circles that are just barely kissing.” Another commented on how difficult it is to live in the city, stating, “The pressure is immense to keep the household going day to day. But we keep on.”
Most folks, however, could not agree on exactly why rent has been rising so quickly in Miami. Some said it was because people kept moving there, while others believed that “the main reason is that people buy houses as investments and end up with large mortgages, then pass those monthly costs on to renters while trying to earn an extra 10%.”
One Miami resident commented that they were “so glad I purchased in the middle of the pandemic at a 2.5% interest rate. My mortgage is less than the rent on most one-bedroom apartments,” highlighting the huge divide in the cost of living between homeowners and renters.
It remains to be seen whether rent will continue to skyrocket in Miami and nearby areas, but residents will likely continue facing high prices for some time in one of the most popular cities in the country.
