It’s no secret rent inflation is causing financial hardship for many Miami residents this year. Rental platform Zumper reports that year-over-year the median rent for a one-bedroom apartment in Miami has gone up 34 percent to $2,520 a month.
As staggering as that may seem, the median rent for a two-bedroom apartment has soared even more in the last year. You’ll now pay approximately $3,410 a month for a two-bedroom unit, which is an increase of over 37 percent in just the last year.
A nationwide rental analysis say you’d need to earn $88,800 a year to afford a modest three-bedroom home in Miami. This is an income level that is out of reach for many local households.
While some experts say rent inflation is gradually decreasing since the highs reached this spring, that’s not much comfort to the average Miami renter who has to contend with both high rents and ongoing inflation in everything from food, utilities, and transportation.
Is help on the horizon for financially stressed Miami renters?
Miami government officials are looking to provide relief to renters through the newly proposed HOMES plan. Miami-Dade County Mayor, Daniella Levine Cava, described the plan during a recent press conference.
This video from WPLG Local 10 gives details about the $85 million HOMES plan proposal:
The initiative will tackle the affordable housing crisis on several fronts. This includes the preservation of existing housing, the development of innovative programs to alleviate the housing crisis, utility and mortgage relief for homeowners, expansion of emergency rental assistance, and the creation of new housing.
The mayor wants to expand emergency rental assistance by an additional $8 million above the original $13.4 million the county had allocated in April. The HOMES plan would also expand the income limitations for people eligible to receive assistance. The mayor says this program has already succeeded in keeping over 20,000 families in their homes since 2021.
The HOMES plan will also include $25 million in funding to help homeowners who are behind on utility bills, mortgage payments, HOA fees, and/or homeowners’ insurance. The relief payments could be up to $1,500 per household. The plan would prioritize seniors, people with disabilities, and families with children under the age of 18.
You can read more about the mayor’s plan on the Miami-Dade County website.
What do you think about the HOMES plan?
Do you think it will help solve Miami’s affordable housing crisis? Let us know your thoughts in the comments section. And if you value this content, please follow, like, and share with others. Thanks so much for reading!