Is there a maximum rent increase in Florida? Which cities have the highest rent prices?

There are 3.9 million less affordable homes available to Americans now than there were 10 years ago, according to the Harvard Joint Center for Housing Studies’ latest report on the state of the country’s housing situation.

A recent study from Florida Atlantic University, Florida Gulf Coast University and the University of Alabama analyzed the 2023 August rent prices of the 100 largest metropolitan areas in the country and found that South Florida is one of the least affordable places for renters in the U.S.

A September study from online money lender CashNetUSA ranked Miami as the overall least affordable city to live in after comparing rental price data to salary data for 200 U.S. cities.

The average tenant in South Florida needs to earn almost $112,000 each year to be able to securely afford housing costs, according to the FAU study and reporting from the Palm Beach Post.