What’s the cheapest place to rent in South Florida? The answer might surprise you
What’s South Florida’s best rental bargain?
According to a new survey from nationwide apartment rental listing company Zumper, that would be Homestead, where median rent for a one-bedroom apartment costs less than $1,000 per month ($990 to be exact). While that price is up 5.3% from February 2019, it’s down almost 5% from January 2020. A two-bedroom in Homestead is also a relative bargain, at $1,300 per month.
The March 2020 report looked at February rents in 30 cities in Miami-Dade, Broward and Palm Beach counties.
Other relative bargains are Lauderhill ($1,110 per month for a one-bedroom), Miami Gardens ($1,130) and Tamarac ($1,190).
The pricest places to rent were Sunny Isle ($1,870 per month for a one-bedroom), the city of Miami ($1,800) and Coral Gables ($1,730).
Statewide, the median monthly rent for a one-bedroom apartment was $1,204.
Year-over-year one-bedroom rents climbed the most in Sunny Isles and Lauderhill (10% each), followed by Pompano Beach and Lake Worth (9% each.)
Median rents dropped the most in Miami Gardens (-15%), Sunrise (-14%), Hollywood (-8%) and Miramar (-6%).
Rents also dropped in Pembroke Pines (-5%), Coral Gables (-4%), Plantation (-4%), Coconut Creek (-3%), Deerfield Beach (-2%), Weston (-1%) and Delray Beach (-1%).
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Here are the region’s most expensive cities for a one-bedroom rental:
1. Sunny Isles: $1,870 with a 10% year-over-year rent growth
2. Miami: $1,800 with a 0.6% year-over-year rent growth
3. Coral Gables: $1,730 with a 3.9% year-over-year rent drop
4. Miami Beach: $1,700 with a 0.6% year-over-year rent growth
5. Fort Lauderdale: $1,670 with a 4.4% year-over-year rent growth
6. Aventura: $1,650. The rental prices remained steady from 2019 to 2020.
7. Weston: $1,600 with a 5.3% year-over-year rent growth
8. Hallandale Beach: $1,440 with a 0.7% year-over-year rent drop
9. Miramar: $1,400 with a 6% year-over-year rent decline
10. Davie: $1,390 with a 1.5% year-over-year rent growth
