Rent, mansions, affordable housing. See Miami housing news we’re talking about

Miami’s real estate market is moving in several directions at once, with shifts happening across rental prices, luxury development and affordable housing.

Here’s a look at the top stories shaping the local market over the past week:

• Miami rents are dropping: The median rent for a one-bedroom apartment in Miami fell 4.1% year-over-year to $2,590, the largest decline among the 10 most expensive U.S. cities, according to a new Zumper report. Miami now ranks sixth nationally for most expensive rents, down from fifth last year.
• Fisher Island mansions hit the market: Three single-family homes at The Mansions on Fisher Island are listed for about $34 million each by French luxury development firm Madar Group USA. Three other mansions in America’s wealthiest ZIP Code, a condo enclave, recently sold for a combined $105.5 million.
• Small developers get an affordable housing boost: Miami Homes for All launched the Small-Scale Affordable Development Alliance to help landowners raise capital, secure permits and build affordable housing. About 45 developers are interested in joining the next phase after 15 projects participated in the pilot. Miami-Dade County is short about 90,000 units of affordable housing, and the small-scale developer program aims to help prevent displacement in gentrifying neighborhoods like Overtown and Allapattah.

This report was produced with the assistance of a proprietary tool powered by artificial intelligence and using our own originally reported, written and published content. It was reviewed and edited by our journalists.