Miami Apartments Listed Among Top Twenty Most Expensive Rentals

Forbes Magazine has rated Miami apartments as the 19th most expensive in the country, costing on average $13.49 per square foot. With prices like that, many think it is best to follow conventional wisdom and put your money into equity rather than rent.

So why do so many people continue to rent Miami apartments? One theory is that many “renters don’t have a nest egg for a down payment or are reluctant to make a real estate commitment.” After all, renters on the whole tend to be less affluent than homeowners.

However, there are also tenants who want their “money to work for them in other investments” or who are waiting for real estate prices to decline. Yet, real estate prices have grown so uncontrollably, that it may just be that the standard of living is higher for those who rent Miami apartments. A person who cannot afford to buy a million dollar home may still be able to rent a million dollar Miami apartment.