HomeMy WebLinkAboutE-Mail - Discussion ItemMedina, Anna
From: Stiers, Melissa.
Sent: Tuesday, April 12, 2016 3:09 PM
To: Medina, Anna
Cc: Suarez, Francis (Commissioner)
Subject: Discussion Item for 4/28 re: Miami -Dade County Rents
Attachments: Rents across Miami -Dade, Broward skyrocket _ Miami Herald.pdf
Dear Anna:
Please include a discussion item on the City page for the 4/28 meeting re:
"Miami -Dade County Rents"
Kindly include the attached article as back-up. Thank you.
Best,
Melissa Fernandez-Stiers
Chief of Staff
Office of Commissioner Francis Suarez, District 4
3500 Pan American Drive 1 Miami, Florida 33133
Tel: 305-250-5420 Fax: 305-856-5230
Email: mstiers@miamigov.com
4/12/2016 Rents across Miami -Dade, Broward skyrocket 1 Miami Herald
REAL ESTATE NEWS APRIL 12, 2016 11:44 AM
Rents across Miami -Dade, Broward
skyrocket
HIGHLIGHTS
Average South Florida resident spent 43.8 percent of income on rent in late 2015, compared
to 28.5 percent before the housing bubble
Miami Beach renters spent the most on rent, allocating more than 56.9 percent of income to
monthly housing costs
Miami metro area third least affordable in the U.S. for renters
http://www.miamiherald.com/news/business/real-estate-news/article71332267.html
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4/12/2016 Rents across Miami -Dade, Broward skyrocket I Miami Herald
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BY DEBORA LIMA
dlima@MiamiHerald.com
A report released Tuesday by online real estate marketplace Zillow shows what South
Florida residents see every day: Rents are skyrocketing.
Before the housing bubble, renters across the tri-county area spent roughly 28.5 percent of
their income on rent. At the end of 2015, that number jumped to 43.8 percent.
As a general rule, the Consumer Financial Protection Bureau, an indepedent U.S.
government agency, recommends allocating no more than 30 percent of income on
monthly housing costs. But that 30 percent threshold is particularly elusive in certain parts
of South Florida, according to the report.
In Miami Beach, renters could expect to pay 56.9 percent of their income on rent at the
end of 2015. Fort Lauderdale renters spent about 45 percent of their income on rent
during that period, while in West Palm Beach, rent accounted for about 43 percent of
renters' incomes.
According to the report, Miami metro area is the third least affordable for renters across the
country. Los Angeles ranked No. 1, with rents at 47.6 percent of income; San Francisco
ranked No. 2, with rents at 46.1 percent of income. The New York area came in at No. 4,
with rents at 41.4 percent of income.
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COMMENTS
3 Comments Sort by Oldest
Add a comment...
Gonzalo Sonabha-Coral Gables, Florida
Huge problem with few solutions as land prices continue to escalate "Colony Livinwy is the only
solution where young people will share some common areas.... It's inevitable
Like - Reply - 2 hrx
Jorge Martinez
just wished our politicians, made developers construct or set aside more expensive units, for the
middle class.
Like - Reply -2hm-Edited
JoanmeKuder
American greed and corruption isavolatile mix. Capitalism atit's best.
Like - Reply - 2 hrs
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4/12/2016 Rents across Miami -Dade, Broward skyrocket I Miami Herald
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