Miami is the worst city for apartment renters this year, according to a study by Forbes, which analyzed 46 cities across various metrics such as “rent as a share of household income.”
Though Miami consistently ranks toward the bottom of the Top 10 nationally in median rental prices, trailing the likes of New York City, San Francisco, and Boston, Miami’s composite score brought up the rear.
Four key stats were considered, with Miami’s number in parenthesis:
- Average monthly apartment rent in Q4 2016, net any concessions ($1,386)
- Change in apartment rent from Q4 2015 to Q4 2016 (36%)
- Average apartment vacancy rate (2.2%)
- Apartment rent as share of average household income (36%)
Miami’s average rent of $1,386 ranked 14th but the city’s relatively low salaries equated to rent inhaling 36 percent of the median income.
One thing to keep in mind here is this study appears to deal purely with apartments. A nice chunk of Miami’s rental scene is sourced from condos, which could feasibly see decreasing prices with the massive influx of units.