The average asking rent in the Miami metro area was $2,141 in the fourth quarter of 2022, up 13.3% from a year earlier, per economic research firm Moody’s Analytics.

The big picture: Many would-be home buyers chose to rent longer last year, sustaining apartment demand. But folks are hitting their spending limit.

• For the first time in over two decades, households now have to spend 30% of their income on average rents.

The expected surge in supply could help bring down prices.

• Yes, but: Most cities will “remain undersupplied with the kind of affordable units that see the highest demand,” per The Wall Street Journal.

(source: axios.com, image: Gautier Salles)