Here’s how much you need to make to rent in Miami-Dade and Broward: MAP

Asking rents range from $1,340 a month in West Park to $12k on Fisher Island

Miami /
Jun.June 21, 2017 03:30 PM

South Florida’s cheapest and most expensive cities have just been mapped out.

RentHop looked at the median asking rents of two-bedroom apartments and calculated the required household income, comparing it to the median household income in Miami-Dade and Broward counties. In Miami-Dade, the median income is nearly $44,000 and in Broward, it’s about $54,000.

That means more than half of the population can’t afford average asking rents over the past 12 months, according to the RentHop study. In major U.S. cities, landlords typically require renters make at least 40 times the monthly rent.

Asking rents for the year leading up to June 1 ranged from nearly $1,340 a month in West Park, Broward (99 percent of the income-rent ratio) to $12,000 a month on Fisher Island (1,096 percent of the income-rent ratio in Miami-Dade, or $480,000 a year).

Other pricey neighborhoods included South Pointe, where rents averaged $5,000 for a two-bedroom, and La Gorce at $4,700 – both in Miami Beach. On the more affordable end were Oakland Park and Sunrise, asking $1,385 and $1,400 a month, respectively.

Miami continuously ranks as the ninth most expensive city to rent a one-bedroom apartment, according to Zumper’s monthly reports. Median asking rents in Miami typically hold at $1,800 a month.

Search a neighborhood below:


Related Articles

arrow_forward_ios
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
arrow_forward_ios

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

Loading...