No longer can you count on finding a sweet deal on rent in one of those quickly filling-up high rises. 24/7 WallStreet reports that rents in Miami are skyrocketing. In fact, in the past year Miami saw the third highest rise in average rent of any major metro area, and those rents rose more than twice the national average.
Using data provided from Trulia.com, 24/7 Wall Street found that rents rose 12.3 percent percent between April 2011 and April 2012. The national average was a rise of 5 percent. Only fiver other markets besides Miami saw a rise of more than 10 percent.
Among the real estate markets to have the largest increases in rent in the past year, no region was more severely affected by the recession. Home prices in the area fell 45.5% from peak, the 14th-biggest decline in the country. However, the situation has begun to turn around in the area. Home prices increased 16.1% in the past year, and rents rose an estimated 12.3% during that time. Job growth is strong in the area at 2.34%.
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Only San Francisco and the Edison-New Brunswick, N.J. area saw sharper increases.
Damn. Probably should have bought one of those condos out of foreclosure at a rock bottom price when we had a chance.