Renting an apartment in Miami represents 50% of an average household income

As Secretary of Housing and Urban Development United States, Shaun Donovan says “is the worst crisis ever in the rental market.” From January to March, the payment of rent went assume 23% to 47% of revenue, a study center analysis ‘Zillow’, specializing in real estate. The national average is 30%.

This is particularly worrying for new immigrants or employees of companies that have been installed in South Florida, particularly those whose companies do not subsidize them accommodation.

The worst is that there is no solution in sight and the margin will continue to rise, experts agree, because the increase in rents is due to stagnation of property values. Spaces are bought as an investment and its owners, also arms with the crisis, want to recover the money invested and that affects the tenant.

There is another factor to be a critical stage in south Florida. The number of houses and apartments for rent has decreased dramatically, the construction industry is almost paralyzed and with each passing day there are fewer places to live in rented Miami, a metropolitan area that admitted an average of 300 families per week, trying installed in a state where, despite everything, the cost of living is one of the cheapest in the country.

An alternative, though precarious, is installed outside of Miami, even in an adjacent county, but even in these cases is not cheap but will save on a holiday since commuting costs soar because Florida has no transport infrastructure developed public and the private car is the common way to go to work, resulting in fuel and maintenance costs.

“The rent increase was much that I had no choice but to go live with a friend.’ve Been living only rented for 11 years, and I can no more,” he told the newspaper The Miami Herald, Arthur Breton, manager a department store.

According to official data, most of the apartments for rent that have flooded the market in the last year belong to foreigners who have purchased as an investment property, own not even live in the U.S. and deliver the property management to a specialized company.

On the other hand, buying a property to live in it does not seem to be a viable alternative for many. If a decade ago banks were generous in lending and fixed monthly benefit at acceptable levels, since the real estate bubble burst, financial institutions are forcing customers to pay tickets 20% or 30% of the value of property. And no matter what your business can fit into potential incentives to support the purchase of homes approved by the administration of Barack Obama.

“It’s a tough situation. Let’s see how the next two to three years for young people will be very difficult to achieve independence from parents and retirees will start having to leave their homes or apartments because pensions are not enough” WORLD anticipates, real estate analyst, Samuel McCaine.

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