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The Real Deal Miami

Here’s how much it costs to rent in Miami, the ninth most expensive US city: MAP

Rents in Flagami and Nautilus neighborhood of Mid-Beach grew the most at 7% from last quarter
By Katherine Kallergis | May 23, 2017 02:40PM

View of Greater Downtown Miami from Panorama Tower’s rooftop

Miami is holding onto its spot of the priciest metros to live in in the U.S., according to the latest rent report from Zumper.

Map of rents during spring 2017 (click to enlarge)

The city again ranked as the ninth most expensive city for a one-bedroom apartment with median rents holding at $1,800 a month this spring.

Zumper, an apartment listings platform and research company, broke down rents in Miami-Dade. The report found that the Park West neighborhood of downtown Miami, Brickell and Wynwood were the most expensive rental areas on the Miami mainland during the spring.

The median rent for a one-bedroom in Park West, which is bound by Biscayne Boulevard to the east, Northwest First Avenue to the west, Northeast Seventh Street to the south and I-395 to the north, was $2,350 a month. In Brickell, it was $2,100 and in Wynwood, which includes Midtown Miami, it was $2,090 a month.

The Nautilus neighborhood in Mid-Miami Beach and Flagami, which is southeast of Miami International Airport, saw the most growth during the last quarter, up 7 percent, according to Zumper.

More affordable areas, which averaged about $1,200, included Melrose Heights, Essex Village, and Miami Shores. And on the other end of the spectrum, the priciest apartments could be found on Fisher Island, where a one-bedroom unit listed for a median price of $5,500 a month.

Rents are expected to fall in older buildings as new projects enter the marketplace – but not by much. Developers are increasingly focusing on luxury rentals packed with amenities, like the Related Group’s Icon Las Olas in downtown Fort Lauderdale, where monthly rents will range from $2,500 to $7,000.

In Miami, projects like Florida East Coast Realty’s Panorama Tower will rent from about $2,420 a month to $8,400 a month. At Panorama, residents will have access to a 45,000-square-foot amenity deck with three theaters, a fitness center, yoga and Pilates studio, spa, pet daycare, private offices available for lease, a children’s play room, a private wine and dining room, a business center, and a pool deck with two heated pools, a restaurant and poolside bar/cafe, and private cabanas.