How did the local rent markets close out the year?

The Miami rental market may have finally fallen back to earth in 2015, according to new analysis from Reis.

For the 12-month period ending in December, Miami rents rose 4.1 percent, slower than the 4.6 percent national average and far behind cities such as San Francisco, where rents jumped 10.7 percent. Similarly, Miami’s rent growth from the third quarter to the fourth quarter was 0.7 percent, also less than the national average of 0.8 percent; clearly, Miami’s high rate of construction has begun to tamper down rent increases.

Even with those slowdowns, Miami’s average effective rent, at $1,244.40, is still higher than the $1,179.22 national average, and that high cost has pushed homeownership out of reach for hundreds of thousands of renters – and as long as rent increases continue to outpace incomes, such consumers will have a hard time making the shift from renting to owning.

See our graphic below for an idea of how our local rental market compares with other major markets: