Looking to move? Rent dropped in some of South Florida’s wealthiest cities in 2020
Good news for local renters: prices in some of South Florida’s toniest cities are getting cheaper.
In Miami-Dade, median rents dropped in Aventura, Sunny Isles Beach and Miami Beach over the past year, according to the latest Miami Metro report from Zumper, a national rental listing company. Rent also declined in Broward’s Deerfield Beach and Delray Beach in Palm Beach County.
The study analyzed changes in median rent for one-bedroom units among the company’s 17,400 apartment and single-family home listings in 30 cities across Miami-Dade, Broward and Palm Beach.
According to the Zumper survey, from November 2019 to November 2020, median rent decreased as follows:
▪ Delray Beach (-10.4%), from $1,612 to $1,460
▪ Aventura, (-4.8%),from $1,677 to $1,600
▪ Sunny Isles Beach (-4.5%), from $1,777 to $1,700
▪ Miami Beach (-3.1%), from $1,629 to $1,580
▪ Deerfield Beach (-0.7%), from $1,420 to $1,410
A key reason for the decrease is the pandemic-induced flight from large buildings, said Valeria Rodriguez, a real estate advisor at Compass. She specializes in selling and renting residential real estate in Aventura, Sunny Isles Beach, and Miami Beach.
“When you have boutique buildings, it’s good. When you have towers with 200, 300, 400 units, you have a problem,” she said. “People don’t want to share the amenities with so many people.”
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Rents are expected to continue dropping in Sunny Isles Beach, Rodriguez said, which has a glut of apartments. “Miami Beach and Aventura, the rents are going to stay,” she said. “There is inventory but not as much as Sunny Isles Beach.”
Still, the cheapest places to rent in South Florida are in less glamorous neighborhoods, according to the report. Of the 30 cities studied, the least expensive were Lauderhill ($1,150) and Lake Worth, in Palm Beach County ($1,100). Miami Gardens’ monthly rent of $1,200 per month is also a relative bargain — though it’s up more than 8% year over year.
Rents rose the most year-over-year in Hollywood (by 15%, from $1,301 to $1,530), North Miami (up 8.3%, from $1,192.10 to $1,300) and Pompano Beach (up 8%,from $1,242 to $1,350.)
Hollywood’s over 10% leap in rent is unsurprising, Rodriguez said. “Hollywood is a city that has grown a lot. It did a lot of improvements on the beaches with community centers, transportation is easier, traffic is not so bad, the schools are better than they were years ago. The city has done a good job in the past few years.”
Other South Florida cities included in the study:
▪ Miami, remained the same at $1,710
▪ Coral Gables, remained the same at $1,700
▪ Fort Lauderdale (+6.3%), from $1,593 to $1,700
▪ Doral, remained the same at $1,600
▪ Weston, (+0.6%), from $1,590 to $1,600
▪ Hallandale Beach (+6.4%), from $1,404 to $1,500
▪ Miramar, remained the same at $1,450
▪ Plantation (+6%), from $1,334.80 to $1,420
▪ Davie (+4.4%), from $1,348 to $1,410
▪ Pembroke Pines (+0.7%), from $1,390 to $1,400
▪ Coconut Creek (+3.1%), from $1,308 to $1,350
▪ Pompano Beach (+8%), from $1,242 to $1,350
▪ Coral Springs (+5.7%), from $1,225.90 to $1,300
▪ Hialeah, (+4%), from $1,248 to $1,300
▪ North Miami Beach (+0.8%), from $1,290 to $1,300
▪ West Palm Beach (+8.3%), from $1,192 to $1,300
▪ Dania Beach (+6.7%), from $1,194 to $1,280
▪ Sunrise (+1.6%), from $1,260 to $1,280
▪ Tamarac (+6%), from $1,156 to $1,230
▪ Oakland Park (+0.8%), from $1,200 to $1,210
This story was originally published December 21, 2020 at 7:00 AM.
