Miami rents hold steady at ninth-most expensive market in the US: report

Downtown Miami (Credit Azeez Bakare Studios)
Downtown Miami (Credit Azeez Bakare Studios)

Miami continues to rank as the ninth-most expensive city in the U.S. for renters, which means a one-bedroom apartment costs an average of $1,800 in February.

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The Magic City has hovered between eighth, ninth and 10th most expensive cities in the country in recent months, according to Zumper, a listing website that tracks asking rents for apartment listings across the country.

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San Francisco, New York, Boston, San Jose, Oakland, Los Angeles, Washington, D.C. and Chicago were the most expensive cities for renters in February. San Francisco and New York both saw drops in prices for one-bedroom apartments at 1.2 percent and 2.3 percent, respectively.

Two-bedroom units cost an average of $2,500 in Miami this month, Zumper said. The combination of a lack of affordable and workforce housing and stagnant wages make rents in the area unaffordable for many in South Florida.

Zumper said South Pointe and Key Biscayne had the fastest growing rents, up 8.3 percent and 6.3 percent since the last quarter to $2,500 a month. Fisher Island and the Venetian Islands were the most expensive, while neighborhoods like Little Havana and Nautilus in Miami Beach averaged more affordable rents at about $1,500 a month for a one-bedroom.

Across the country, Americans spent the highest share of their incomes on mortgage payments since 2010 during the last quarter, according to Zillow. The economy’s improvement after the housing crash generated new buyer demand for housing, but the affordable housing inventory — especially in denser cities — hasn’t met the demand.  – Katherine Kallergis