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

San Francisco, New York and Boston topped list of US cities

TRD MIAMI /
Feb.February 21, 2017 01:30 PM

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.

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.

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


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
arrow_forward_ios

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

Loading...