Earlier this month, Miami-Dade Mayor Daniella Levine Cava signed a new bill that requires landlords to give a 60-day notice of rent increases if the increase is more than 5%. The new bill also extends the grace period for evictions to 60 days instead of 30 days.
Miami has become even more affordable as the city has been amongst cities with the highest rent increases. Tenants are seeing unheard-of increases in their rents as rents continue to skyrocket as Miami has seen very high demand in the rental market.
Average rent prices in the metro area as of February 2022
Brickell | $2,855 |
Brickell Key | $3,111 |
Downtown Miami | $2,721 |
Midtown - Edgewater | $2,713 |
Source: RentCafe.com
The new bill may help residents avoid being blindsided by sharp increases in rent. Still, more and more Miamians may be priced out if rents aren't stabilized. The county commission will be in talks to bring something that would freeze rents in Miami-Dade.
I personally have seen rents increase from $500 to $1,000 with my rental listings, and I've heard in the building that I live in, Park-Line Miami, rents being increased by up to $1,500. I've received from 5 to 12 applicants/offers on each of my listings. Most of the applicants moved to Miami from other cities.