Miamians Pay 33 Percent More For Better Locations

MIAMI, FL — With monthly rent costs already taking up much of our take-home pay, Miamians still pay more than 33 percent more to live in a top-rated location, according to a new study. Nationwide apartment search website RENTCafé.com found that the differential amounts to about $500 per month. Nationally, that was the 10th highest difference between top- and low-rated locations in the nation and five times more than what most renters can afford.

The website said that the ideal location for most renters is near their jobs. "Retired generations prioritize being closer to friends and family," according to the website. "Walkability is highly valued by renters of all ages: proximity to entertainment, dining, shopping or the gym is the third most popular location preference."

Tampa and Jacksonville both fared better than Miami in the study. The average rent in a top-rated location in Miami is $2,024, while the monthly price for an apartment in a low-rated location is $1,515.

Tampa residents pay only 15.5 percent more for a top-rated location while Jacksonville residents pay 19.2 percent more.

In Jacksonville, the average renter paying $939 per month for an apartment in a low-rated location would need to pay only $180 more per month to move to a top location.

In Tampa, the average renter paying $1,197 per month for an apartment in a low-rated location would need to pay $186 more per month to move to a top location.

"In the last three years, rents in low-rated locations grew faster than in first-rate locations, despite the fact that more apartments were built in less-desirable locations," the website noted.

Overall, the study found that 83 percent of renters live in less than ideal locations and 60 percent are not able to pay more than the actual rent or a maximum of $100 more to live in their preferred location.

Read more on the study here.

Photo by Paul Scicchitano