A new study names Miami as the worst city for renters in the country this year.
A combination of astonishingly low vacancy rates (2.2 percent), towering prices, and low median pay means renters have it tough in the Magic City.
Miami is known for its waterfront, paradise oasis, amazing weather, and beautiful beaches. As a result, real estate is at the high end.
The average Miami rent clocks in at almost $1,400 monthly, 14th most out of major markets. But relatively low pay throughout the city means that rent eats up more than 35 percent of the median income. Meanwhile, low vacancy rates have pushed rent up 6.6 percent in the last year — one of the most rapid increases in the nation.
The study, conducted by Forbes, says that the rental situation is bad in both Manhattan and San Francisco, too.