There was a time in the not too distant past that tenants only utilized 
one-third of their household income to cover rent and utilities. Nowadays, more than fifty percent of renters are spending far more than the standard one-third, and that is just to afford their rent. This income evaporation is due, in large part, to the incremental demand for rental apartments. Unfortunately, when tenants are saddled with high rental costs, they are unable to spend money on other goods and services, which would help boost the economy.
The reason for the demand is, of course, due to the real estate bust a decade ago that continues to have lingering effects. After so many homeowners purchased homes that experienced plummeting values, more and more middle-income earners chose to or were forced to become tenants. In some cities, the demand and supply have, more or less, balanced out. However, in many other cities, including Miami, demand for rentals has ballooned. In turn, rents are rising sharply for Miami condos.
Surprisingly, Miami is considered one of the most expensive cities to live in when factoring in both housing and transportation costs. Basically, individuals that rent in urban neighborhoods, in close proximity to desirable amenities, pay significantly higher rents than those individuals residing further west of Interstate 95. However, those west Miami inhabitants end up spending a fortune on transportation costs, especially gas and tolls. Plus, they may spend hours in traffic due to congestion and constant construction. As is the case in many markets these days, it can actually be more affordable, not to mention more logical, to buy a Brickell condo if you work downtown or an Aventura condo if you work in Fort Lauderdale. It really depends how you want to allocate your financial resources, as well as your time. It certainly doesn’t hurt to scrutinize monthly income and expenditures and to research the market to determine whether it makes sense to stop wasting money on unnecessarily high rent.