The Biden administration says that Miami is the “epicenter” of the country’s housing crisis as the bustling South Florida metropolis has seen a surge in demand for available rental units that are few and far between.
“I decided I was going to Miami, to the epicenter of the housing crisis in this country,” Housing and Urban Development Secretary Marcia Fudge told the Miami Herald during a visit to the city on Tuesday.
The Biden administration is helping a private developer refurbish a public housing complex as part of a $390 million plan that will include subsidized housing for low-income residents as well as rent caps.
The federal government provides the majority of funding for public housing projects in Miami-Dade in the form of Section 8 rental vouchers for low-income tenants.
Miami is one of the most competitive rental markets in the country, according to RentCafe.
For every vacant rental unit in Miami-Dade County, there are 31 prospective renters who line up to sign lease agreements. That’s more than twice the national average of 14 prospective renters per vacant unit.
A national ranking of rents put Miami at fifth highest. A one-bedroom apartment in Miami would set back a tenant some $2,400 a month — a sharp, 25% increase from a year ago, according to Zumper’s.
New York City is the most expensive place in the country to rent a one-bedroom apartment. The monthly price tag — $3,600.
A recent study showed that Miami-Dade isn’t the only place in Florida where rents have skyrocketed.
When joined with the other two counties that make up South Florida, Broward and Palm Beach counties, rents in the Miami metro area jumped by almost a third.
In the past year, rents in Fort Myers jumped more than 31%, they’re up 28% in Tampa and they rose more than 24% in Orlando, according to a report released earlier this year by researchers at Florida Atlantic University and Florida Gulf Coast University.