Residents of this U.S. city face a huge spike in rents

Miami, known for its celebrity hotspot Millionaires Row, is now also making a name for itself as the city of painfully high rents. Through May, rent soared nearly 40% in the Magic City over the last year, according to recent data from CoreLogic, a provider of real estate research. The median rent in the Miami-Miami Beach-Kendall area is now a hefty $2,435. 

Residents of other Florida cities are also facing a large spike in housing costs. A few hours north in Orlando, rent climbed 25% over the same time period, with the median at about $1,900 a month.