Rent prices are falling - except for in these 5 coastal cities

Despite a general decline in rents across the U.S., Miami and four other coastal cities have emerged as the least affordable rental markets. In Miami, median rent reached $2,345, forcing tenants to allocate about 38% of their income to housing, significantly above the affordability threshold of 30%. Alongside Miami, areas such as New York City, Los Angeles, Boston, and San Diego also faced rising rents that outpaced income growth, although improvements in affordability ratios were noted compared to the previous year. These trends highlight ongoing challenges within major urban rental markets.

Rents across the U.S. may have been falling for nearly two years, but five large coastal metros stood out last month as having the nation's least affordable rental markets-including one of Florida's hottest tourist destinations.

A rent is considered affordable if tenants spend no more than 30% of their gross household income.

‘Encouragingly, the rent-to-income ratio in all five of these metros has declined compared to the same time last year, signaling a modest improvement in affordability across these most cost-burdened markets.’

Read at New York Post