Big spender? Here are 10 areas in Miami-Dade County with priciest apartment rents
Renters are still willing to drop plenty of dinero to live in Miami-Dade County’s priciest enclaves.
With financial and technology company expansions, wealthy transplants continue to drive up apartment prices countywide, causing public outcry.
The Miami Herald ranked the 10 areas with the most expensive median rents in Miami-Dade, based on the prices for efficiencies, studios, one-bedroom and two-bedroom apartments and condominiums.
The neighborhoods in cities, towns and villages that have the highest median rents are determined according to ZIP codes with over 100 rental transactions in 2021, according to data from the Multiple Listing Service and Ana Bozovic, founder of brokerage and consulting firm Analytics Miami. Our list excludes some of Miami’s uber-wealthy areas such as Fisher Island since those communities recorded less than 100 deals last year.
READ MORE: Here’s where you can find the cheapest rents in Miami-Dade
Big spenders should look to Key Biscayne, Edgewater, Downtown Miami, Bal Harbour, Surfside, Mid Beach, Aventura, Brickell and Doral for the biggest rents. The asking rents range from $1,950 to $4,100 month. The most costly is Key Biscayne, which has a median rent nearly triple that of the county monthly median of $1,600.
“We’ve been discovered by people from the Northeast who have good paying jobs, people who are used to paying more,” Bozovic said. “They are not shocked by these prices.”
Wealthy professionals increase demand in these areas, despite an overall population decline in the county.
“We are seeing a tripling of demand for the priciest markets. The influx of money is so tremendous that it does not correlate to a population loss,” she said. “We are getting an influx of people with money and at the same time (housing) inventory is at an all-time low.”
Key Biscayne — the community commanding the highest rent — connects to Miami’s mainland by the Rickenbacker Causeway, off of South Miami Avenue by Brickell and Coconut Grove. The Tequesta Indians, pirates and then coconut plantations dominated the island up until 1947, after the completion of the Rickenbacker Causeway.
Today, about 15,000 people call the 1.4-square-mile village home, based on the latest U.S. Census data. Whites and Hispanics comprise more than 70% of the population, and the median household income there is $166,667.
“People feel like they can meet people in a safe environment,” said Veronica Cervera Goeseke, CEO of her family-run Cervera Real Estate brokerage firm. “It has a good public school. It has a good Catholic school. One point of Key Biscayne has a state park and the other end has Crandon Park. You have many areas where you can go and experience a wonderful lifestyle. It’s almost like belonging to a country club.”
The median home rents in each of these top 10 areas increased from 2020 to 2021. Bozovic expects those rental prices to continue to climb, although at a slower rate than what the county has experienced in prior months.
“We’re going to keep seeing people with money fleeing here,” Bozovic said.
Here’s where renters can find the most expensive apartments in Miami-Dade:
▪ 1. Key Biscayne
Median rent: $4,100 (ZIP code 33149)
▪ 2. Edgewater
Median rent: $2,558 (ZIP code 33137)
▪ 3. Downtown Miami
Median rent: $2,500 (ZIP code 33131)
▪ 4. Bal Harbour/Surfside
Median rent: $2,400 (ZIP code 33154)
▪ 5. Downtown Miami
Median rent: $2,350 (ZIP code 33130)
▪ 6. Edgewater
Median rent: $2,300 (ZIP code 33132)
▪ 7. Mid-Beach
Median rent: $2,200 (ZIP code 33140)
▪ 8. Aventura
Median rent: $2,050 (ZIP code 33180)
▪ 9. Brickell/Coral Way
Median rent: $2,100 (ZIP code 33129)
▪ 10. Doral
Median rent: $1,950 (ZIP code 33178)
This story was originally published March 31, 2022 at 6:15 AM.
