Renting in Florida is a bargain, according to Forbes magazines, which ranked the 40 best and worst places in the United States to rent.
Orlando and Miami topped the list on the best side, mostly because monthly rents are more affordable than what it costs to pay down a mortgage, the magazine stated.
The rankings come in on the heels of a California-based Real Facts study that noted the average monthly rent at an apartment complex on the Treasure Coast has dropped $100 to $946 as a reflection of the weakened housing market.
Orlando had an average rent of $824 a month, but that is more manageable than a mortgage that costs on average $1,285 a month. And construction of new apartments is up 117 percent, which should hold the line on rental prices.
Miami, with new construction increasing by 40 percent, recorded an $1,080-a-month rent average compared with an average of $1,767-a-month on a mortgage.
Tampa and Jacksonville tied for 8th best, while New York, Kansas City, Mo., Boston and Cleveland, rounded out the bottom of the list.
Cleveland took the bottom rung with average monthly mortgage rates of $566, nearly $140 a month cheaper than the average rent, with a looming shortage of rental space on the horizon that is expected to drive up rental costs.
1. Orlando
2. Miami (tie)
2. Denver (tie)
2. Milwaukee (tie)
5. Tucson, Ariz.
6. Portland, Ore.
7. Charlotte, N.C.
8. Jacksonville (tie)
8. Tampa (tie)
WORST CITIES TO RENT
36. New Haven, Conn.
37. New York City
38. Kansas City, Mo.
39. Boston
40. Cleveland
Forbes
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