Why is rent so high in South Florida? These are some of the factors affecting prices
MIAMI - The five most expensive Florida counties to rent a home are all located in the southern part of the state: Miami-Dade, Broward, Monroe, Palm Beach, and Collier.
Experts say rent should be about a third of your income, but that's not always possible in South Florida as it has some of the most expensive rental prices in the nation. For those looking for a place to live, they're feeling the pinch.
"It can be frustrating, it can be very stressful. Sometimes I kind of wonder if I will ever find something that will work," said Devon Johnson, who moved back to South Florida six months ago, is looking for something small to rent.
"For an efficiency or for a studio about $1,200, no more than $1,500 would be great," he said.
Instead, he said he's seeing up to $2,700 in monthly rent for "a little small box room where some of your closets are bigger."
Monthly rent isn't Devon's issue. He said it's coming up with first and last month payments and the deposit all at once.
Renting in Lauderhill
Realtor Fatimah Albergottie said, for example, that in Lauderhill a one to three-bedroom apartment can range from $2,100 to about $3,000 a month.
"Of course, that depends on the number of bedrooms and the square footage," she said.
Pembroke Pines, a pricier option in Broward
A few miles south in Pembroke Pines, Albergottie found rent was a little higher.
"It is a two-story townhome. It has two bedrooms, 2.5 bathrooms. It's approximately 1,174 square feet and the current rental rate is going for $2,400," she said.
Albergottie said when looking for a place to rent, there are a few questions that need to be addressed.
"The first thing I'm going to ask you is what can you afford that you're gonna be comfortable with because we have to make sure it's affordable for you because you still have to pay bills. You still have to consider food and other things like that," she said.
Renting in Miami Gardens can be more affordable
Moving south, Miami Gardens was less expensive than either Lauderhill or Pembroke Pines.
A two-bedroom, two-bathroom condo in the Andover area of Miami Gardens with a size of 931 square feet can go for about $2,000 a month, Albergottie said.
Coral Gables, one of the priciest areas in the country
Linda Lawrence Walden, who rents out a portion of her home, said in the last five years she's raised her prices by hundreds of dollars.
"It was like $1,500 five years ago, $1,550 with the market increase. Of course, after COVID things went crazy," she said.
According to Zillow, in the last five years, Miami-Dade rental prices have gone up 58%and Broward prices have increased 55%.
Walden is now asking $2,250 a month for 900 square feet.
Realtor LaTaryn Edington Gay said another factor in rent increases is that "insurance is going up and, I think rent or renters are paying the price for owners insurance going up."
Edington Gay specializes in luxury real estate. She said while it's not a renter's market, would-be renters should feel a little hopeful.
"Rental prices are decreasing. I don't think we're gonna see a significant change, like we're not gonna see a 20%, 30% but maybe we see 16%, maybe we see 10%," she said.
The realtors all say location is everything. Where you work versus where you play, and your patience with South Florida traffic, are all factors to consider when deciding where to live and what to pay.
