In 2018, the average rent in Broward for a two-bedroom apartment was $1,902; these days it’s about $2,911. Including Miami-Dade and Palm Beach County, the average in the tricounty area is about $3,100, according to the Jorge M. Perez Metropolitan Center at Florida International University, a research institute.
“Unfortunately, we’re not going to see on the rental side price decreases which would help workers. On the buyer’s side, we should see prices holding steady,” said Ned Murray, associate director of the Jorge M. Pérez Metropolitan Center at Florida International University.
“We have yet to see the [full] consequences of this housing market,” said housing expert Ned Murray, associate director of Florida International University’s Jorge M. Perez Metropolitan Center. “Once you get a degree and you’re a professional, you want to buy a home or at least rent something that is decent. If we can’t offer that in the housing market, they (residents) will find a housing market that does.”
Howard Frank, Director of FIU's Jorge M. Perez Metropolitan Center and a professor of public policy, shares his perspective on how the economy has changed since the pandemic began.
“We are following a path that is very dangerous,” said Dr. Maria D. Ilcheva, assistant director of planning and operations at the Jorge M. Perez Center Metropolitan Center at Florida International University. “We keep rebuilding in these vulnerable areas. It’s a universal problem within the United States.”
“Most of the leisure and hospitality jobs in both counties are nearer to the coast where most of the damage and economic impacts occurred,” said Edward “Ned” Murray, associate director of the Jorge M. Pérez Metropolitan Center at Florida International University.
“The greatest impacts will be in leisure and hospitality and retail in Lee County. These are existing employment numbers from Florida Department of Economic Opportunities’ Current Employment Statistics for August 2022. Same for Collier County. Most of the leisure and hospitality jobs in both counties are nearer to the coast where most of the damage and economic impacts occurred,” Murray said.
"Cities will rebuild,” said Edward Murray, a housing expert and associate director of the Metropolitan Center at Florida International University. “But what about poor communities? But what about individuals?”
Maria Ilcheva is a research professor at Florida International University and Assistant Director of Planning and Operations at the Jorge Pérez Metropolitan Centre in Miami. "...as a researcher, this unfortunately is not surprising to me because I look at what's happening with as building on on islands close to the coastline, increasing development, increasing population movement along the coastline."