Apartment rents continue to increase as demand remains strong

Did you know that the average rent for an apartment in Broward and Miami-Dade counties have been rising dramatically in the recent years?

Miami-Dade's average rent of $1,751, was up three percent from a year ago and 9 percent from May 2015.

Broward's average rent was $1,676, which is five percent higher than a year ago and a whopping fourteen percent from 2015!

In general, each year, rent increases at about one-to-three percent; high demand and lack of supply are bending the market in the landlord's favor.

Developers this year are expected to deliver more than 15,000 units, boosting the supply and giving renters some possible relief on costs, according to a report from the RealPage research firm in Richardson Texas.

However, another report shows that South Florida remains one of the worst areas of the country when it comes to building apartments due to local regulations and the lack of available land.

If you are tired of paying rent, recent changes to credit reports as well as loosening guidelines by lender, may make it easier to qualify for a mortgage.

Also, while rates have gone up slightly, they are still at 50 year lows, making it a smart time to buy.

Contact a local Realtor, like myself, to see if home ownership makes sense for you.