Rent.com senior managing editor shares renting tips
FORT LAUDERDALE – As buildings go, it will be Fort Lauderdale's tallest.
Ground is expected to be broken on the 300 W Broward dual towers that will be more than 500 feet tall.
Construction will take at least two years and yield close to 1,000 new apartment units.
It's not known what the rent will be, but if it follows current trends, units may go for thousands of dollars a month.
Renters already struggling with current increases may not be able to afford the price tag.
That includes tenants like Caroline Radius, who says her rent just increased from $1,000 to $1,200 a month. She's trying to afford her rent, working two delivery jobs. But she says some days she's just not making enough.
"Between Instacart and Amazon, it's no good" she says.
According to Rent.com, which tracks rents nationwide, Fort Lauderdale studios average about $2500 a month.
"A large chunk of income is going to rent, and it makes it harder to make ends meet," says Brian Carberry, who is a senior managing editor.
Miami is even more expensive. According to Rent.com, studios average $2,658 a month, which is up 20%. A one-bedroom apartment averages $3172 a month, up 14%.
"There's a lot of demand and not enough available, and that's creating a landlord's market," Carberry says.
Carberry suggests if you are caught in the crunch to look at options.
"Away from the coast is cheaper and consider a roommate to split expenses," he says.
Affordable housing units are going up all around South Florida, but there are waiting lists.
The Housing Trust Group, one of the country's largest developers of affordable housing, is behind some of the apartment buildings that have opened.
Village Place and Village View in Fort Lauderdale were built by the Housing Trust Group. Tenants must meet income requirements.
Rent at Village Place ranges from $425. to $1,415. Those who qualify earn at or below 25% and 40% of local Area Median Income (AMI).
Rent at Village View ranges from $510 to $1,429. Those who qualify earn at or below 30%, 60% and 70% of local AMI.
Another project is planned in Naranja in South Dade.
The housing crisis is leaving many desperate for help. That's why CBS News Miami wants to share your stories to show the crisis you're in or how you navigated the system. We will highlight these issues and work to get answers and solutions. Send us an email at housing@cbs.com.
