Residential
South Florida

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

Miami skyline (Credit: Pixabay, Public Domain Pictures)

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. 

Tags
Residential
South Florida

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

Miami skyline (Credit: Pixabay, Public Domain Pictures)

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. 

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