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24/7 Wall St.: 6 Cities Where Rents Are Skyrocketing

3. Miami, Fla.

Change in rent: +12.3 percent
Change in sales price: +16.1 percent
Price drop from peak: -45.5 percent
Job growth, 1 year: +2.34 percent

Among the real estate markets to have the largest increases in rent in the past year, no region was more severely affected by the recession. Home prices in the area fell 45.5 percent from peak, the 14th-biggest decline in the country. However, the situation has begun to turn around in the area. Home prices increased 16.1 percent in the past year, and rents rose an estimated 12.3 percent during that time. Job growth is strong in the area at 2.34 percent.

(iStock Photo)

More From 24/7 Wall Street:
The States With The Most Homes In Foreclosure
The Ten Most And Least Affordable Cities To Buy A Home
Nine Countries Where Unemployment Does Not Exist

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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