The Real Deal Miami

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
By Katherine Kallergis | June 21, 2017 03:30PM

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.

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