It’s getting cheaper to rent an apartment in the Magic City.
Rents have dipped 2.8 percent in the past year and 0.9 percent in the past month, according to a monthly report by Apartment List. One-bedroom apartments have a median rent of $1,850 and two-bedrooms cost $2,330.
Miami Beach rents are averaging slightly higher, by about $30 to $100.
In early January, Miami’s Downtown Development Authority reported that condo leasing prices also fell. In the third quarter of 2016, they went down to $2,590 — a 3.2 percent dip compared to the previous quarter.
But, prices in Miami still remain well above the national median of $1,400 for a two-bed apartment. Despite the decrease in rents, Miami is still among the priciest places to rent in the metro area. Although downtown Miami is a job center, it’s one of the country’s most expensive housing markets relative to salaries.
According to an analysis from apartment search website RentCafé, renter households in Miami spend 48 percent of their income on housing, the second highest rate in the U.S.
Another city on the rise is Miramar, which has become the fourth most expensive city for renters in the area. One- and two-bedroom apartments in Miramar cost about $1,390 and $1,700, respectively. Records show that prices grew by 1.1 percent over the past month, although rents have decreased by about 2.6 percent in the past year.
Pembroke Pines also is up. In the past year, rents increased 3 percent, with one-bedrooms carrying a monthly price tag of about $1,350 and two-bedrooms about $1,600.
Fort Lauderdale and Pompano Beach came in second and third to Pembroke Pines, with rents growing 2.2 percent and 0.7 percent.