A new report which was recently summarized in the media claim the Miami and Fort Lauderdale areas have one of the most expensive rental markets in the country. Out of 110 cities surveyed, the Miami area ranked 11th when it came to the average monthly rental rates for an apartment.
Specifically, to get a 1-bedroom apartment in the Miami are, a person will pay a median $1,825 a month, which was a slight increase over the previous month. With respect to the country as a whole, people were paying on average a little under $1,050 a month for the same type of unit.
What this means for residents of the area who are currently renting upscale apartments is that, while it may still be the desired living arrangement for some people, for many others, renting an apartment is simply no longer the best financial option for them. In the long run, buying would be a better deal since they can get equity in their home which, hopefully, will also appreciate in value. On other hand, a strong rental market may continue to offer valuable rewards for investors in rental properties.
However, buying, or for that matter selling, residential property is not always an easy task, even if a person has a realtor to assist them. There are a number of complicated legal issues that can come up in a real estate deal, particularly if it is a costly properly and the stakes are therefore a little higher.
If these issues are not handled effectively, a Fort Lauderdale resident could find themselves either out money or, worse, in the thick of litigation.
It is therefore often advisable for a person seeking to buy a home in the combined Miami-Fort Lauderdale area to consider getting the advice and assistance of an experienced real estate attorney.
Source: Curbed, “Miami is the 11th most expensive rental market in the U.S, per new study,” Adele Chapin, Feb. 2, 2018.