Real Estate News

Miami-Dade’s rents are so high, they are quadruple what renters in other cities pay

Miami-Dade came in 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 Zumper National Rent Report for February.
Miami-Dade came in 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 Zumper National Rent Report for February.

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.

$1,800Average rent for a one-bedroom unit in Miami-Dade

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

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