Hialeah Among Most In-Demand Cities for Rent in Florida, but Least Affordable, Studies Show
MIAMI – A recent study analyzing the demand for rental housing in 30 US cities has found that three cities in Florida, including Hialeah, rank high on the list. However, another analysis highlights Hialeah as the least affordable city for renting.
According to the study, which examined data from RentCafe.com, Arlington, Virginia was the most searched city for rentals in the month of July. It was closely followed by Orlando, which was the first city in Florida to make it onto the list.
Pollsters report that Orlando has experienced a significant increase in demand, rising 31% compared to the previous year when it ranked eighth on the same list.
To find the second Florida city on this list, one must go all the way down to the 24th position occupied by Fort Lauderdale. Hialeah, on the other hand, sits at a respectable 28th place.
RentCafe’s analysis took into consideration factors such as rental activity, vacancy rates, search page views, and how often listings were favorited or saved. All of these parameters were compared to the previous year and month.
However, a separate study conducted by personal finance site WalletHub, which aimed to determine both the quality of life and affordability of rentals in US cities, paints a slightly different picture. The first Florida cities to appear on this list are Tampa at 26 and Orlando at 40. Pembroke Pines ranks 69th, while St. Petersburg comes in at 73rd place.
In WalletHub’s study, 21 parameters were analyzed, including the difference between rental rates and mortgage payments, fluctuations in rental prices, the cost of living, and employment opportunities.
Remarkably, Miami ranked 146th and Hialeah was placed even lower at 173rd, surpassing only the nine worst cities on the list of 182 positions.
While affordability is a concern in Hialeah, Pembroke Pine on the other hand, was ranked as one of the most affordable cities, coming in at an impressive third place.
These studies shed light on the rental market in Florida, particularly in Hialeah, Orlando, and Pembroke Pines. As demand continues to rise, it is crucial for city officials and stakeholders to address the issue of affordability and explore viable solutions to ensure a balanced housing market for residents.