By: Darryle Raynard In many parts of the country, it's true that buying a home is a far better bet than renting ever could be. In cities like Miami, Florida however, that attitude may get you in trouble. Many residents in Miami are adamant that renting is a better use of their money. In some cases, they're absolutely right. The average rent in Miami us $1,080 a month, whereas a mortgage will run you $1,767. Also consider that new construction has increased by forty percent this year in Miami, which tends to lead to lower or static rent rates in the future. As long as new construction numbers keep increasing, or at least don't fall dramatically, rent rates tend to remain stable. While Miami is the number 2 most rent-friendly city, tied with cities like Denver and Milwaukee, Orlando, Florida took the top spot. Rent numbers increase annually as more and more people choose to avoid the fear associated with homeowership and the risk associated with it. This, combined with the difficulty in saving for a sizable down payment in a market with rising home prices, leads to increased rent rates each year. One major draw for the rental market is the inclusion of maintenance and repair fees in the monthly rental payment. If the toilet leaks or something breaks, it's covered at no expense to the renter, as long as the renter wasn't at fault. This is exceedingly popular with the younger generation, who are increasingly career oriented.
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