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Miami, Fort Lauderdale, Hialeah are some of the least affordable places to rent, study found

Miami ranked least affordable housing market in US
Miami ranked least affordable housing market in US 03:01

MIAMI - If you thought rent prices are high in South Florida, you're right.

Hialeah, Miami, and Fort Lauderdale have been ranked as some of the least affordable housing markets in the US, according to a WalletHub study of 182 cities in the nation which compared income with rent.

"I live in Hialeah and I pay too much for rent. My rent is $3,000 dollars a month," Camilo Sequeira.

Sequeira said before the pandemic he was paying $1,000 dollars less for rent. When asked if he would consider moving to any of the 10 cities in the nation where rent is affordable, he responded yes.

Gustavo Martelo, who pays $4,000 dollars a month of rent in Coconut Grove, is not willing to move.

"Look around," he said pointing out to the cafeterias and restaurants within walking distance.

A lot of South Florida residents are struggling to afford their rent and the situation is not expected to get any better.

"It's a challenge to find homes for tenants," said realtor Cheila Gonzalez with Luxe Properties.

Gonzalez, with 15 years in real state business, said the migration of people from up north since the pandemic has changed the dynamics of the industry, "the rental market is high and inventory is low."

While showing a four-bedroom, four-bath house in Palmetto Bay, she said prices have increased and there is very little sign of things changing.

"Right now this house is listed at $9,000 dollars, before the pandemic you could rent this for $6,000," said Gonzalez.

Many renters considering a move cannot come up with the first month and two months' deposit. Gonzalez said that sometimes there are options.

"I can find leasing offices that are willing to rent to clients that are not going to come up with three months, they usually have half of the deposit, but it depends on their credit," she said for those looking for condos.

She said families wanting to rent a house must come up with a first month and two months deposit, the new norm.

Gonzalez said if people can afford to buy, it's still a better option than renting because many people are still moving to South Florida, some planning to work remotely.  

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