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

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

TRD MIAMI /
Jan.January 25, 2016 01:30 PM

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:


Related Articles

arrow_forward_ios
Mayor Carlos Gimenez (Credit: Joe Raedle/Getty Images)

Miami-Dade approves $10M emergency rent relief program

Miami-Dade approves $10M emergency rent relief program
Vacation rentals, gyms, fitness studios get the green light to resume operations in Miami-Dade

Short-term rentals, gyms, fitness studios can operate again in Miami-Dade

Short-term rentals, gyms, fitness studios can operate again in Miami-Dade
Mayor of Miami Beach Dan Gelber (Credit: Nicholas Hunt/Getty Images)

Miami Beach creates $550K rent relief fund

Miami Beach creates $550K rent relief fund
A photo illustration of Key West (Credit: iStock)

All hotels and short-term rentals to shut down in Florida Keys

All hotels and short-term rentals to shut down in Florida Keys
Quadro at Design District and Rainmundo Onetto

Alta Developers launches sales of Quadro at Design District

Alta Developers launches sales of Quadro at Design District
Airbnb operators cash In On Super Bowl LIV

South Florida Airbnb hosts cash in on Super Bowl LIV

South Florida Airbnb hosts cash in on Super Bowl LIV
Airbnb hosts gear up for Super Bowl LIV

Airbnb hosts score 34K bookings for Super Bowl LIV — more than for Art Basel

Airbnb hosts score 34K bookings for Super Bowl LIV — more than for Art Basel
Rendering of One Eleven Wynwood Hotel by Sonder and Eduardo Vargas, Andres Hogg and Andres Klein

Sonder inks lease for flagship Wynwood hotel

Sonder inks lease for flagship Wynwood hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...