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South Florida

Miami rental rates decline in November: report

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Miami’s average rental rates saw an $8 decrease during November, rental search engine rentBits.com said yesterday. Miami bedrooms — located in 1728 listings — went for $1339 per month, compared with their $1347 October rate, the site said. “Demand for rentals in Miami has not caught up with supply.” Dan Daugherty, CEO of rentBits, said in a statement. “This is putting downward pressure on the rental rates in this area.” Miami’s numbers are consistent with a national trend that might be attributed to apartment renters moving to single-family home rentals or sharing with family and friends. TRD