A new WalletHub report rated Miami the least affordable city for renters out of 182 U.S. cities — placing it below famously expensive locales like New York and Boston (1).
Rental prices have been quickly rising across the U.S. According to the Federal Reserve Bank of St. Louis, rent prices have doubled over the past 20 years (2), outpacing median wage growth (3).
Must Read
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Approaching retirement with no savings? Don’t panic, you’re not alone. Here are 6 easy ways you can catch up (and fast)
Miami’s rent increases have been particularly steep since the beginning of 2022. Rent costs went up by over 40% in the last four years alone (4). These quickly rising costs are forcing some Floridians out.
“Before leaving Florida, I lived in a two-bedroom, two-bathroom apartment in Coral Gables that I moved into in 2020. My rent started at $2,200, but five years later, management was asking for $3,750 — even though nothing in my unit or building had changed,” Natalie Alatriste, who grew up in Miami-Dade county (5) told Business Insider. She moved to northern Virginia in 2025…