The city's housing crisis is affecting landlords, tenants, and developers nationwide
Secretary of Housing and Urban Development Marcia Fudge flew to Miami on June 28 and dubbed the city the heart of the nationwide housing crisis. Given the recent uptick in demand for rental housing in the thriving South Florida metropolis, Miami realtors and residential experts agree.
Miami is one of the most rent-burdened cities in the U.S.
In a country where rents have increased by double digits annually, Miami has a fiercely competitive rental market. After Florida was dubbed the most expensive state, Miami's rents were recently ranked fifth most expensive in the U.S. There are 31 people waiting to sign a lease for every available apartment in Miami-Dade County. When compared to the national average of 14 prospective tenants per vacant unit, this number is significantly higher.
Recent research shows that rent increases have been documented across the state of Florida, not just in Miami-Dade County. Average rents in the Miami metropolitan region increased by about a third when combined with those of Broward and Palm Beach counties.
Why developers can't deliver affordable housing during the housing crisis
The Biden administration is assisting a private developer in renovating a public housing project as part of a $390 million project that includes rent controls and rent assistance for low-income tenants.
Most of the money for Miami-public Dade's housing developments comes from the federal government through Section 8 vouchers for low-income residents.
Developers in Miami indicate that they intend to increase their efforts toward affordable housing. However, developers are finding it tougher to provide affordable housing as land prices and construction expenses continue to rise.
Follow Calle Ocho News as we bring you the latest on the nationwide housing crisis and the people who are working to protect homeowners. We've spoken to local leaders like Raquel Regalado about the Tenant Bill of Rights and realtors like Reinaldo Valdes about Miami real estate. Sign up for our newsletter to stay on top of the latest news, events, and much more from Miami.