Miami Ranked 4th Priciest City to Rent in the U.S.
As pointed out by Diana Olick in yesterday’s CNBC segment about Miami’s booming real estate market, the rental market in Miami has also been particularly robust. Rental prices have increased significantly over the past 3 years fueled by strong demand and shrinking rental inventory. So much so, in fact, that Miami now ranks as the fourth priciest city to rent in the U.S., according to a data team at John Burns Real Estate Consulting. The team looked at the rent-to-income ratios in 40 major U.S. cities to determine the rankings. In Miami, where the median household income is $45,219, the rent-to-income ratio was 29%. Only San Francisco with 33%, Los Angeles with 36% and New York City with 52% had higher rent-to-income ratios than Miami.