(WSVN) - Rent is on the rise in South Florida, and residents are feeling the pinch.
“Every time somebody sneezes up in New York, they’re moving down to South Florida,” said realtor Amanda Goldberg.
It’s no secret finding an affordable home in South Florida is becoming nearly impossible.
“If you’re not coming in with cash, it’s very hard to get your offer accepted right now,” said Goldberg.
Whether it’s the low inventory of single family homes or sky rocketing rents, many here are being priced out.
“Rentals have doubled, and the thing with rent is it usually doesn’t go down,” said Goldberg.
The red hot market was triggered by COVID, a lack of inventory and inflation.
“It’s hard for a first time home buyer. They want to come in with an FHA loan, put down 3.5 percent, and they’re just not able to do it,” said Goldberg.
Someone who is looking to buy and rent in South Florida will be hurt in the wallet.
An average home goes for roughly $560,000 in rent. A one bedroom about $2,000 a month, both up double digits.
Local leaders are doing what they can. The City of Miami is moving forward with a $5 million rent stabilization fund.
“You’re eligible for up to $1,000 a month for six months, if you receive more than a 20 percent increase in your rent,” said Miami Mayor Francis Suarez.
In the end, it boils down to supply and demand.
“We also have 37,000 units in the pipeline, which will be built out over the next year,” said Suarez.
“We need to make it easier for folks to develop, conceding more density in exchange to getting some units that can help people in our community with work force and low income,” said Hialeah Mayor Esteban Bovo.
It’s a lesson in basic economics that has many sadly priced out of South Florida.
“People that are trying to start a family, it’s getting very difficult for them. Most are moving north,” said Goldberg.
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