The Real Deal Miami

Miami rents dip in October, but it’s still ninth-most expensive market in U.S.

Miami fell from 8th place, outpaced by Chicago

October 28, 2016 10:30AM

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Downtown Miami (Credit: Marc Averette)

Downtown Miami (Credit: Marc Averette)

A winter chill came early for Miami’s rental market in October, interrupting an otherwise steady rise in prices.

But that didn’t stop Miami from being the country’s ninth-most expensive rental market.

According to a newly released report from listing service Zumper, the median rent for a one-bedroom apartment in Miami fell 2.16 percent to $1,810 per month.

That dip in prices meant Miami lost its previous ranking of eighth-most expensive rental market to Chicago, where a one-bedroom pad costs $1,840. At the top of the list is San Francisco, which commands a median asking rent of $3,420, followed by New York at $3,040 and Boston at $2,250.

Back in Miami, Fisher Island retained its title as the city’s priciest neighborhood with a median rent of $5,100 for a one-bedroom apartment. The cheapest was Brownsville at $600 per month.

A surge of new apartment supply — Miami-Dade County is on track to see its largest influx of units in 17 years — could keep pushing rental costs downward.

Despite the decrease in prices, rent is still a burden for many Miami-Dade residents. Considering the financial advice that housing costs should only take up 30 percent of your income, a renter would have to make $72,400 after taxes to comfortably pay $1,810 per month. By comparison, Miami-Dade County’s median income is $48,100. — Sean Stewart-Muniz

(Click to enlarge) Check out a map of Miami’s asking rents by neighborhood below:

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