Home Rental Prices In Miami Are Spiraling Out Of Control

When I first arrived in Miami two years ago, my family paid $1,200 each month for our two-bedroom apartment. 

Today, the same space costs $1,800 per month. 

Despite the 50 percent increase in rent, the building and its surrounding area are not offering anything new. 

This city-wide phenomenon made me ask this question: What does Miami offer that makes it so expensive?

As one of the major immigration hubs in the United States, South Florida’s metropolis serves as the new home for countless people from all around the world. 

That constant influx of immigrants is what makes rent prices in Miami soar. Landlords are aware that as demand rises, so do the housing unit prices. 

That’s how the market works. 

But as this trend continues, many of Miami’s  long-time residents will be forced out of the city as more affluent tenants move in. 

The soaring housing prices are also affecting first-time house buyers because properties are becoming almost impossible to pay off with a middle-class salary.

For the working-class families that make up the spine of this city, that means it will be harder than ever to cement roots in Miami. 

Even worse, this situation makes me and many of the people from my generation ponder if we’ll ever be able to afford a home. 

With this crisis having no end in sight, one can’t help but wonder if the rent prices in Miami will ever stabilize and meet the demand of our city’s growing immigrant population. 

While controlling immigration seems like an alternative, this is not the root of the problem. 

Miami, a sprawling city of single-family units, is in dire need of denser and more affordable housing units.

In February, the City of Miami unveiled a new housing project, which features two high-rise buildings along with commercial space adjacent to a Metrorail stop. 

While the initiative will not fix Miami’s housing crisis by itself, the new project will hopefully mark a period of transition in which Miami embraces housing density to meet its demand. 

If not, creating a new life and home in a different city or county will be the only answer to affordable housing for Miami’s working class.