MIAMI—Rents in Miami's Upper East side is more affordable than other areas—and for good reason. We turned to Tim Lobonav, of South Florida-based development firm, Verzasca Group, to drill down into those reasons.

"Property values are accessible right now in Miami's Upper East Side, especially single-family homes," Lobonav tells GlobeSt.com. "Because buyers were so focused on the more well-known neighborhoods like Miami Beach, Sunny Isles Beach, Coral Gables and Brickell, some of the surrounding suburbs were forgotten and overlooked by locals and prospective buyers alike, keeping prices low and affordable."

As Lobonav sees it, as those popular neighborhoods become increasingly more unaffordable, buyers are beginning to look to the Upper East Side for more realistic housing and condo rentals. What's more, after falling into rapid decay in the 1980s, Miami's Upper East Side is starting to revive itself through new developments and an emerging art scene.

"The Upper East Side of Miami is also more affordable because it's not a big name area that attracts foreign buyers who are generally the ones that cause prices to soar," Lobonav says. "Like New York City, foreign buyers looking to buy in Miami are attracted to neighborhoods with an image that goes with the big name. The Upper East Side in Miami is not that kind of neighborhood and therefore, property values have generally remained lower than its surrounding neighborhoods, making it more affordable to rent in."