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

Homestead, Hialeah and Coral Springs reported biggest annual increases

Miami /
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.


Related Articles

arrow_forward_ios
The Buena Vista Gardens in Little Haiti (Apartments.com)
Bowery Properties buys Little Haiti apartment portfolio for $12M
Bowery Properties buys Little Haiti apartment portfolio for $12M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
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
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
arrow_forward_ios

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

Loading...