What's UP

Rents continue to fall, but South Floridians still pay more

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There is good and bad news for South Florida renters. First, the good: rents in South Florida have fallen for the second consecutive year. The bad news is that Florida rents are still much higher than the national average, $377 more to be exact.

According to national real estate data, rents in Miami-Dade, Broward and Palm Beach counties have been falling in the past two years. The average rent in South Florida is now $2450, $30 less than the previous month.

On the other side of the spectrum, the median rent in the United States is $2073, according to Zillow.com. That said, South Floridians are paying out $377 more a month on rent than the average American.

The rule of thumb is that renters should not spend more than 30 percent of their gross income on rent. Known as the 30% rule, it’s difficult to follow in hot rental markets that command higher prices,  like South Florida.

South Florida neighborhoods like Brickell, Coral Gables and Fort Lauderdale have considerably higher rents. The average rent within Miami’s city limits is $3075, Coral Gables $3400 and Fort Lauderdale $2700.

As expected, areas outside the major metropolitan areas, like those in more rural areas, offer lower rents.

More details can be found on real estate sites like Zillow.com.