The Magic City isn’t magical for people who have to rent, according to a new study from Forbesthat lists Miami as the worst city for renters in 2017.
According to Forbes, Miami earned the ranking with extremely low vacancy rates and some of the worst rental affordability stats in the country.
The vacancy rate of 2.2 percent pushed rents up 6.6 percent last year, the eight-most rapid increase in the country, the study said.
And while the average rent of $1,386 is only the 14th most out of the 46 major markets the study evaluated, the low pay in the city means rent eats up 36 percent of the median income, 3rd highest among major cities.
Adding to the problem is that much of the new construction is focused on luxury buildings, with about 69 percent of construction between 2014 and 2016 targeted at the high end compared with about 10 percent targeted at the lower third of the market.
Miami beat out Manhattan, which is the most expensive place to rent by far with a $3,497 average and rent taking up 54 percent of the average income. The Magic City also beat San Francisco, which has an average rent of $2,982 with 34 percent of average income paying the rent.
Original content NBC6