Apartment vacancy rates have dropped so low that forecasters at Capital Economics, a research firm, said rents could rise, on average, as much as 4 percent this year, compared with 2.8 percent last year. But rents are rising faster than that in many cities even as overall inflation is running at little more than 1 percent annually.
One of the most expensive cities for renters is Miami, where rents, on average, consume 43 percent of the typical household income, up from a historical average of just over a quarter.
Stella Santamaria, a divorced 40-year-old math teacher, has been looking for an apartment in Miami for more than six months. “We’re kind of sick of talking about it,” she said of herself and fellow teachers in the same boat. “It’s like, are you still living with your mom? Yeah, are you? Yeah.” After 11 years as a teacher, Ms. Santamaria makes $41,000, considerably less than the city’s median income, which is $48,000, according to Zillow.
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One of the most expensive cities for renters is Miami, where rents, on average, consume 43 percent of the typical household income, up from a historical average of just over a quarter.
Stella Santamaria, a divorced 40-year-old math teacher, has been looking for an apartment in Miami for more than six months. “We’re kind of sick of talking about it,” she said of herself and fellow teachers in the same boat. “It’s like, are you still living with your mom? Yeah, are you? Yeah.” After 11 years as a teacher, Ms. Santamaria makes $41,000, considerably less than the city’s median income, which is $48,000, according to Zillow.
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