Apartment rents in Miami are finally falling: report

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

TRD MIAMI /
Mar.March 30, 2018 10:30 AM

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.

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.


Related Articles

arrow_forward_ios
Asi Cymbal and a rendering of the project

Asi Cymbal closes on multifamily dev site in Dania Beach

Asi Cymbal closes on multifamily dev site in Dania Beach
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Lissette Calderon and a rendering of the site

Lissette Calderon buys land for third rental project in Allapattah

Lissette Calderon buys land for third rental project in Allapattah
South Florida rents are starting to fall (Credit: iStock)

South Florida rents starting to fall, especially in Coral Gables

South Florida rents starting to fall, especially in Coral Gables
Alex Rodriguez and Erin Knight with Laguna Place in Kissimmee (Credit: Michael Loccisano/Getty Images)

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus
Rendering of development

Pompano Beach multifamily development with workforce housing advances

Pompano Beach multifamily development with workforce housing advances
A rendering of the project at 2717 Van Buren Street

French developer plans to build a cluster of rentals in Hollywood

French developer plans to build a cluster of rentals in Hollywood
arrow_forward_ios

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

Loading...