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Rent is going up on Waiters Island.

The former No. 4 overall pick Dion Waiters struggled during the first four seasons of his career with the Cleveland Cavaliers and Oklahoma City Thunder, but last season turned in an impressive campaign with the Miami Heat. 

Waiters put up 15.8 points, 4.3 assists, and 3.3 rebounds per game, while shooting 39.5 percent from downtown. If not for an ankle sprain that kept him out of the final 13 games, Miami's miraculous second-half run probably would have ended with a playoff appearance.

Buoyed by that strong season, a number of teams have been after Waiters in free agency, and as of Wednesday afternoon, ESPN's Adrian Wojnarowski has reported that Waiters has narrowed things down to three teams: the Los Angeles Lakers, New York Knicks, and Miami Heat.

In addition to where he decides to sign, it will be interesting to see how much Waiters makes. As we've seen during the first few days of free agency, teams are not as willing as they were last summer to hand out big-money contracts. 

Still, Waiters should get a nice raise from the $3 million he made with the Heat this season.