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)