We have some news! Renters will no longer be blindsided by rent increases. This doesn’t solve the high prices – but it does help.
Tenants in Miami-Dade County must receive a two month notice by their landlords if the increase is more than 5%. It also extends the grace period for evictions to 60 days.
This is NOT the solution we need, but it does provide some cushion. The city of Miami have seen an increase on 50% of rental prices over the same time last year
If landlords fail to give the notice, lawyers can use the new rule as a way to fend off an eviction for failure to pay the higher rent, Higgins said.
If you are renting, this is what I would recommend:
- Pay the price – not convenient if you are on a set salary that hasn’t kept up with inflation but if you like the current lifestyle then it’s the only option
- Get a roommate to rent
- Get a roommate to buy – I did it and it’s great.
Landlords – this is not bad news either, you either
- Keep the tenant
- Get a new tenant
If you guys need help, please don’t hesitate to contact me.