All those cranes in the Miami skyline spell out good news for renters.
As more new buildings pop up, rents are dropping across South Florida. Across the country, rent is rising at the slowest pace in five years, according to a new report from Zillow, a national real estate and rental marketplace and data center.
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In the Miami and Fort Lauderdale area, the median rent check is for $1,849. That figure fell a little over half a percent from last year’s number, Zillow reported.
This news echoes findings by Miami’s Downtown Development Authority, which noted that there are more condo and rental units under construction in a single year since the real estate crash of the late 2000s. Most of that new construction that opens in 2017 will be rental buildings, according to the report.
Still, that little dip in rental prices doesn’t mean a ton to renters living in one of the harshest real estate climates in the country. Miami was No. 2 on the list of worst places to rent in the U.S. in 2016. No. 1? Hialeah.