Miami Apartments Rank Low on the Renter-Friendliness Scale

The hot Miami real estate market is tempting a lot of local renters to finally buy a Miami home, but as mortgage rates begin to rise, “many would-be homebuyers sense that buying” a Miami home right now may not be the best move.

Yet disappearing Miami apartments and increasing rents don’t exactly make the city renter-friendly. In a recent study released by ApartmentRatings.com, Miami didn’t come close to making the top 25 renter-friendly communities in the nation. In fact, the only large city to make the list was Chicago, rounding off the list at number 25.

Miami ranked at the bottom of the list with other large cities because Miami apartments are characterized by high rents and high occupancy. Miami apartments didn’t fare as well as counterparts in mid-sized cities because its housing market is “stable and tight, resulting in more competition among renters for prime properties.” Meanwhile, cities like Sarasota, Florida, which made the list at number 8, have a supply of housing that “has grown faster than the population,” so “landlords have to work overtime to attract and retain the best renters.”