Will Miami Rents Fall in 2024? The issue of high income in Miami continues to be a recurring theme among Cuban emigrants residing in this populous city in South Florida, United States. For newcomers or singles it is still an impossible matter, as the salaries are not that high and the increase is unsustainable.
According to a January 2024 report from local media outlet AmericaTeve, real estate experts predict that 2024 could be a good year for those looking to buy or rent a home in South Florida.
This is because a slight decline in sales and rental prices is expected, as well as a greater supply of available residences. Additionally, the county will continue to attract new residents, spurring real estate demand and growth.
However, not everyone shares this optimism. Many Miami-Dade residents doubt that prices will drop significantly, as they have been rising continuously for years. Some think that the real estate market is overvalued and that it is difficult to access decent housing in the area.
High rental prices in Miami and surrounding areas
In this regard, as reported by the Miami media, experts advise those who want to buy or rent a house to prepare well before doing so. They advise, among other things, to file your taxes correctly, as this affects the conditions and amount of the loan you can get.
According to Miami Metro’s monthly report, published by rental company Zumper, residential rent prices fell between 1% and 15% at several locations in Miami-Dade, Broward and Palm Beach counties at the end of the year .
The cities that saw the biggest drops in rent prices were Sunny Isles Beach, Plantation and Dania Beach for one-bedroom apartments, and Aventura, North Miami and Fort Lauderdale for two-bedroom apartments.
2024-01-04 19:00:21
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