Miami-Dade’s rents are so high, they are quadruple what renters in other cities pay
When it comes to renting, Miami remains among the nation’s top 10 most expensive cities.
Miami-Dade ranked ninth in the nation for the steepest rents at an average of $1,800 for a one-bedroom dwelling and $2,500 for a two-bedroom, according to the latest Zumper National Rent Report for February, a monthly analysis that looks at more than 1 million active listings across the county’s 100 top markets.
That means it is twice as expensive on average to rent in Miami-Dade than it is in San Antonio, Texas, and Durham, North Carolina; three times more expensive than living at a one-bedroom unit in Oklahoma City, Oklahoma, and Cleveland, Ohio (that’s probably not why LeBron James left, though); and four times more than cities such as Fort Wayne, Indiana, and Toldeo, Ohio.
Still, The Magic City is a relative bargain when compared with San Francisco, which is the most expensive at an average of $3,310 for a one-bedroom, followed by New York City, Boston, San Jose, Oakland, Los Angeles and Chicago. Seattle came in 10th.
Zumper said rents have followed the same trend from the end of 2016, with top markets plateauing or declining and mid-tier cities increasing their rents.
In Miami-Dade, for instance, rents were on par with the same month in 2016, thanks in part to a boom in new condos and apartments.
Rents in the county range from as high as $5,100 on average in millionaire-thick Fisher Island to $700 in Brownsville, which is still higher than a third of the average rents in the country’s top 100 markets.
Waterviews come at a premium. Fisher Island was followed by the Venetian Island at $2,600, Key Biscayne at $2,500 and South Beach at $2,500 for the highest rents for one-bedroom units.
South Beach and Key Biscayne had the fastest growing rents, up 8.3 percent and 6.3 percent, respectively, since last quarter, Zumper said.
For those seeking to pay about $1,500 per month, the neighborhoods of Nautilus in Miami Beach, Biscayne Bay in Coral Gables and West Little Havana in Miami are the places to look. The lowest rents, from $700 to $915, were in Liberty City, Gladesview, Pinewood Park and West Little River.
Overall, Zumper said, rents continue to be on an upward trend that started in October for one-bedroom units and November for two-bedroom units. Average rents at one-bedroom dwellings are up 0.4 percent over last month and up 0.7 percent over January for two-bedroom units.
Chabeli Herrera: 305-376-3730, @ChabeliH
This story was originally published February 24, 2017 at 7:00 AM with the headline "Miami-Dade’s rents are so high, they are quadruple what renters in other cities pay."