Apartment rents in Boca are catching up to Miami, South Florida’s priciest city

Homestead, Hialeah and Coral Springs reported biggest annual increases

Jan.January 24, 2018 11:30 AM

Boca Raton & Miami skylines (Credit: PxHere, Wikimedia Commons)

Miami may soon lose its status as the most expensive metro rental market in South Florida.

The average rent for a one-bedroom apartment in Boca Raton jumped $80 last month, inching closer to the Magic City.

In December, the average rent grew to $1,730 in Boca, only $20 behind Miami, where rent was flat from the previous month and down 2.8 percent from year-over-year, according to a new report from Zumper.

Miami Beach remained the third priciest city, with an average rent of $1,600.

Meanwhile, Homestead, Hialeah and Coral Springs reported the fastest growing rents since last year. In Homestead, apartment rents grew 15.6 percent to $1,110 compared to January 2017. In Hialeah, rents increased 10.7 percent to $1,340 and in Coral Springs, they went up 8.2 percent to $1,190.

Despite the rent hikes, Homestead and Coral Springs are still among the most affordable markets in South Florida. Lauderhill reported the cheapest rent at $1,010 a month, followed by Homestead and Coral Springs.

Another market to watch out for rent growth is West Palm Beach, where the cost of a one-bedroom ticked up 5.1 percent from November to December, to $1,240 a month.

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