Just like home prices, apartment rents in Miami have been quickly rising ever since the market recovered from the last crash.
But a new report from listing service Zumper shows those rents could be starting to level out, or even decline.
Median rent for a one-bedroom apartment in Miami hit $1,850 per month during May, according to the report. Although that rate declined a mere 2.1 percent from April’s median of $1,900 monthly, the drop is one of the first Miami has seen in several quarters.
Two-bedroom apartments in the Magic City saw a similar month-over-month decrease of 2.7 percent, down to $2,550.
Though the short-term numbers have declined slightly, year-over-year figures are much more stable. Rents for a one-bedroom didn’t budge an inch compared to May 2015, and the median rate for a two-bedroom apartment was up by 2 percent.
Miami has also retained its title as the nation’s eighth-most expensive rental market, ahead of both Seattle and Washington in the top 10. Leading the country is San Francisco, where rents have grown so expensive that the city has surpassed even New York.
Median rents for a one-bedroom apartment in San Francisco hit $3,590 per month in May, whereas the New York median stood at $3,250. — Sean Stewart-Muniz
Check out a full chart of rental figures below (click to enlarge)