The Real Deal Miami

Homestead and Sunrise see some of the fastest-rising rent growth: report

Miami remains most expensive city to rent a one-bedroom apartment in SoFla
By Amanda Rabines | December 22, 2017 02:30PM

Miami skyline (Credit: Pixabay, Public Domain Pictures)

Miami continues to maintain its spot as the most-expensive city to rent a one-bedroom apartment in South Florida — with metros like Homestead, a typically more affordable city, and Sunrise showing the most dramatic rent hikes during the year, according to recent Zumper report.

The two metros saw some of the fastest-growing rent increases for one-bedrooms in the region, the report says. Rents in Homestead rose by 15.1 percent year-over-year, to $1,070 for a one-bedroom. In Broward County’s Sunrise, rents climbed 12.2 percent, to $1,380.

Deerfield Beach saw the largest decrease in rent growth, according to the report. Median rents in Deerfield Beach decreased 15.6 percent year-over-year, to $1,300 for a one-bedroom. Rents in Miami Beach also decreased by 7.1 percent, to $1,580, according to the report.

Renters may be finally getting a break in Miami, one of the more expensive metros in which to rent a one-bedroom. Rents in Miami decreased 2.8 percent year-over-year, to $1,750, the report says. Boca Raton followed that, with one-bedrooms averaging $1,650.

The cheapest metro? Lauderhill, with rents averaging $1,000, a 3.1 percent increase year-over-year.

More than 18,500 apartments are currently under construction in South Florida, according to a recent Cushman & Wakefield report. But despite the new deliveries, rents are still expected to increase. In South Florida, apartment rents have been increasing consecutively since 2010.