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.
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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.
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Yes, but: Most cities will ...
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2023
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2023
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