Latest Report Shows Rental Costs Not Slowing
WEST PALM BEACH, Florida – New figures from Realtor.com show the median rent in south florida was just under $3,000 a month in March.
That’s a 57% jump from the previous year and by far the largest percentage increase in the country.
The news is especially bad for low-income residents who find themselves out of paradise.
“There are a lot of people struggling. I see it every day,” said Jacob Beychok, senior attorney for the Legal Aid Society of Palm Beach County.
Beychok is part of the Palm Beach County Legal Aid Society’s Rapid Response Eviction Program.
He said his list of clients in need of help and affordable housing continues to grow due to rising rents.
“Landlords are sending out notices increasing the monthly rent amount by up to 20% or 30% for these tenants to renew their leases,” Beychok said.
Low-income people may have to work almost two and a half jobs to pay the rent increase.
The National Low Income Housing Coalition’s latest study shows that a Florida resident working minimum wage of at least $8 an hour would have to work 93 hours a week to afford a modest one-bedroom rental home. at a fair rent.
But if you live in the West Palm Beach area of Boca Raton, an individual would have to work 105 hours a week just to make rent.
Andrew Aurand, vice president of research for the coalition, said the report highlights the lack of affordable housing.
“There are solutions to this, which is to invest more in affordable housing programs,” Aurand said. “So more production of affordable rental housing as well as rent subsidies or vouchers that could be provided to low-wage workers and other low-income tenants to afford housing on the private market.”
“I think Miami-Dade (county) has declared a state of emergency regarding the affordable housing crisis, and from what I see every day, we’re in an equally untenable situation here in Miami County. Palm Beach,” Beychok said.