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Rising rents in South Florida stir concern, angst among renters

Rising rents pose problem for some Miami renters
Rising rents pose problem for some Miami renters 02:05

MIAMI -- On the edge of downtown Miami in Flagler village, new high rise apartment buildings are in various stages of development.

As in most communities, the rents have skyrocketed since the COVID-19 pandemic brought a flood of new residents

Jordan Moshkovitz has been checking out apartments in the area with his dad after he switched professions, leaving accounting to pursue sports journalism.

"It's my passion, following my dreams," he said.

Moshkovitz has been living at his father's home in West Boca to save money and realize his dream. He said he is aware of the steep rental costs.

In places where rents can top $3,000 a month -- a cost of $36,000 a year -- a single renter in an area where average salaries are $50,000 a year can have trouble affording the rent. 

Moshkovitz is doing what others are attempting, getting a roommate to split the cost. He has opted for a two-bedroom unit with a monthly rent of $3,100.

"This way I can save money," he said.

"It's tough but you have to make sure you have money saved for all your other expenses," his father said. "You can't be a slave to your rent."

Real estate platform Zumper noted in its September RENT report that prices in Miami are cooling faster than the rest of the country with Miami ranking fifth with an average monthly rent of $2,690 compared to the highest New York average rental rate, which stands at $4,080 a month.

Gov. Ron DeSantis signed new laws passed by the Florida legislature that prevent cities and counties from enacting rent control measures.

Lawmakers also weakened existing tenant bill of rights measures that were added in Broward and Miami-Dade counties.

Those measures had extended the notification time landlords had to give renters when they were raising the rents

"That was most distressing because the bill of rights were community driven," said Cynthia Laurent of Florida Rising, an advocacy group.

"I knew people whose rent went up $500 a month," she said.

Laurent says their focus now is to help struggling renters through local budget allocations and access to legal help
She says the goal is to prevent mass evictions.

Some renters worry 2024 will bring more increases in an already financially strained environment

Jordan moshkovitz says he will take a year lease and reassess his situation then

When asked if he'd consider leaving south Florida because of the high rents he replied he wasn't sure  

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