The Real Deal Miami

Miami is the country’s 9th-most expensive rental market: report

Cheapest neighborhood to rent in Miami is Brownsville, followed by Liberty City

January 25, 2016 01:30PM

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An aerial view of Fisher Island, Miami's most expensive place to rent (Credit: CreativeCommons user Alexf)

An aerial view of Fisher Island, Miami’s most expensive place to rent (Credit: CreativeCommons user Alexf)

Prices in Miami’s rental market appear to be leveling out, but the city is still one of the nation’s most expensive places to nab an apartment.

The median rent for a one-bedroom place in Miami was $1,820 per month in January, according to a new report from listing service Zumper. Assuming a renter limits what he or she pays to about a third of their income, that means someone would have to make $65,520 a year to live here — after taxes.

That rent nets Miami the ninth spot out of the U.S’s 10 most-expensive rental markets. San Francisco took the cake with a median price of $3,490 a month for a one-bedroom, followed by New York with $3,280 a month and Boston with $2,390.

Out of the top 10, Miami was only ahead of Seattle, where renters can expect to pay a median of $1,600 for a single bedroom.

Despite its high ranking, local rent rates have begun falling from their winter high. The median $1,820 paid per month dropped 3.7 percent compared to December. Prices for a two-bedroom unit were also down by 1.2 percent from December, hovering at $2,520 per month.

This information comes from a city-wide perspective. So what do individual neighborhoods look like?

Miami’s most expensive hood by a long shot is the exclusive Fisher Island, where median rents reached a whopping $4,550 a month for a one-bedroom. After that, Park West comes in second place with a median rent of $2,550.

As for the cheapest, apartments in Brownsville — west of Liberty City — cost a median of only $680 to rent. Brickell is over three times more expensive than that, with a median rent of $2,150 a month. — Sean Stewart-Muniz

Check out a full map of Miami neighborhoods and their median rents below:

(Click to enlarge)

(Click to enlarge)