Apartment rents in Miami are finally falling: report

Rents are down 3.4% to $1,730 a month

Panorama Tower
Panorama Tower

Miami is inching closer to falling off the list of the country’s most expensive cities to rent.

The Magic City has long held the No. 8 and 9 spots on Zumper’s monthly ranking. In last month’s report, Miami fell to No. 10 but median rents rose to $1,790 a month.

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Now, Miami remains No. 10 but rents are down 3.4 percent on a monthly basis and 3.9 percent compared to the previous year to a median of $1,730 for a one-bedroom. Two-bedroom apartments are asking a median of $2,370 a month, down 1.3 percent from March and 5.2 percent year-over-year, according to the recently released report.

In South Florida, rents have been rising since 2010, increasing by more than 20 percent in all three counties. Rates may be dropping now due to the rise in inventory. Nearly 16,000 apartments were slated to come online in South Florida in 2017, according to a Marcus & Millichap report released in August.

Across the country, apartment rents fell 8.9 percent to $1,184 for one-bedroom units, while rents rose 1.1 percent to $1,414 for a two-bedroom, according to the report. The top five most expensive markets are San Francisco, New York, San Jose, Boston and Los Angeles.