The Real Deal Miami

More choosing to rent

October 14, 2010 10:30AM

NEO in Miami

With the struggling housing market making potential buyers still think twice, many residents are choosing the rental housing option. There are fewer empty rental apartments in both Broward and Palm Beach counties this year compared to 2009, and rental rates have increased. Analysts say that to solve the housing crisis, these renters must be turned into buyers. “Everybody says this is the best time to buy, but it’s a double-edged sword,” said Melissa Melzer, a lawyer in Boca Raton. “You could lose your job tomorrow. You just never know. If I’m renting, I could walk away if I have to. If I own, I have a problem.” [Sun Sentinel]