Where would you live? Here’s what $3,000 a month gets you in Miami’s urban core
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Apartment-hunting can be daunting in Miami-Dade County, especially with a tight supply and an increasing population that leads to more demand.
Ever wonder how far a dollar goes in a particular pocket of South Florida? We want you to know.
In March, we explored Miami Beach. Next up: the city of Miami’s urban core, including the financial district — nicknamed Wall Street South — Brickell, neighboring downtown Miami, and Edgewater.
Part of Greater Downtown Miami, these neighborhoods often attract a mix of people: Miami-born, long-time residents, newcomers from across the country and globe.
According to Grace Usich, a real estate agent with Cervera Real Estate, the new arrivals are coming from California and New York, Colombia, Mexico and Venezuela. Given the array of financial institutions and blooming tech scene, many residents can be found working at a bank, tech start-up or service firm, including law.
Across Miami-Dade, the typical renter pays $2,993 a month, according to the latest rent data from the Seattle-based residential listing company Zillow Group.
How far will that go in Miami’s urban core?
A renter can land a one-bedroom apartment ranging from 806 square feet for $2,850 to a 1,020-square-foot apartment for $3,050 a month. Regardless of where a renter chooses to live in the urban core, the common theme for many is living in a community where everything can be reached by foot, whether it’s for work or pleasure.
“It is convenient for people to be close to work,” Usich said. “The population has nearly doubled in Miami. People prefer to be close to work than drive the distance.”
Villages within Greater Downtown Miami
The official Greater Downtown Miami area stretches from Brickell to Edgewater. Other neighborhoods are sandwiched between these areas, including the central business district or downtown Miami, the Arts & Entertainment District — formerly known as the Omni District — and, just blocks away from Biscayne Bay, the landlocked Wynwood and adjacent Midtown.
▪ Brickell (spans Biscayne Bay from the Alice Wainwright Park and Rickenbacker Causeway up to the Miami River and Interstate 95).
▪ Downtown Miami (from Southwest Second Avenue to Northeast 13th Street where Interstate 395 begins. It also includes Watson Island — home to the theme park Jungle Island — and Dodge Island, the base for PortMiami cruise ships and a go-to destination for many South Florida tourists).
▪ Edgewater (from Northeast 15th Street, off the Venetian Causeway, to Northeast 37th Street, off of the Julia Tuttle Causeway).
Greater Downtown Miami covers about 3.8 square miles, but each neighborhood has distinguishing characteristics:
Brickell consists of a sea of glistening office and residential towers. The constant flow of foot traffic and cars gives the impression that residents, visitors and workers are always on the go. Recognized as one of the most desired office markets, many law firms, investment companies, developers and banks have headquarters or satellite offices here. In fact, this is the neighborhood where billionaire and Chicago transplant Ken Griffin of hedge fund Citadel plans to build a new office building.
Downtown Miami has come a long way from being known just for offices, developing into a live-work-play community. The Downtown Development Authority has focused on attracting bars, restaurants and businesses that stay open beyond the traditional 9-to-5 workday. Mega-projects like that of Miami Worldcenter and developer Moishe Mana look to further transform the area in the coming decades. In the past, office towers — including Pritzker winner I.M. Pei’s The Miami Tower — put the area on the map. Today, residential towers also dot the neighborhood, including by Pritzker-winner Zaha Hadid and her One Thousand Museum, home of soccer star and Inter Miami CF Co-Owner David Beckham.
Just like downtown Miami, Edgewater has turned a new chapter in recent years. It long attracted condo buyers and renters with the deal of waterfront high-rise living at a discount compared to Brickell. New developments in the past two decades elevated the area to become a sought-after neighborhood. Pluses include the expansive bayfront Margaret Pace Park and an approximately seven-minute drive to the Adrienne Arsht Center for the Performing Arts, Wynwood, Midtown or the Design District.
So, where would you live?
Brickell
A 1,020-square-foot apartment went for $3,050 a month on the 30th floor at the Nine at Mary Brickell Village at 999 SW First Ave. It was on the market during the spring, but just went under contract in May. Renters here got a one-bedroom, one-bathroom apartment with a balcony overlooking the surrounding Brickell skyline. The 34-story building towers are over the outdoor shopping center Mary Brickell Village and within an eight-minute walk of the ritzy Brickell City Centre mall.
“The location is wonderful,” said Monique Wills, the listing agent and a real estate broker at Berkshire Hathaway HomeServices EWM Realty. “You are in the heart of Brickell. It is one block away from the [Brickell] City Centre.”
Renters get one assigned parking spot and an in-unit washer and dryer.
The one minus? It’s something everyone faces when moving through Brickell — the traffic. Best to move on foot in Wall Street South since bumper-to-bumper traffic often occurs during weekdays and weekends.
Downtown Miami
A 806-square-foot apartment went to couple from Ecuador for $2,850 a month in downtown Miami’s Vizcayne Condominium. The one-bedroom, one-bathroom apartment sits on the 33rd floor of the south tower in the 49-story building at 253 NE Second St. Situated in the center of the central business district, the building is across the street from tourist attract Bayside Marketplace, Bayfront Park, and a 12-minute walk to the Kaseya Center, where the Miami Heat plays. Building amenities include gym, bicycle storage room, home theater, and four pools.
“We have better prices than Midtown and Edgewater,” said Grace Usich, a real estate agent with Cervera Real Estate. “Downtown will not change. It’s more air space than Brickell. You don’t have a building blocking your view. It’s more open.”
The renters, Usich said, liked the building’s location, kitchen layout, walk-in closet and washer and dryer within the apartment. One negative? Although it didn’t deter the new renters, Usich said others who have toured the building may cross it off due to its no-pet policy.
Renters often stay about two years before either buying in the area or moving out and purchasing a residence with more space. Some want a taste of the ocean and go off to rent in Hollywood and Hallandale Beach.
Edgewater
A 838-square-foot apartment lists for $2,900 a month in Edgewater’s Quantum on the Bay Condominium at 1900 N. Bayshore Dr. The furnished one-bedroom, one-bathroom apartment sits on the 34th floor of the 51-story north story with views of Biscayne Bay. The building rises in front of Margaret Pace Park and is a 15-minute walk to the Adrienne Arsht Center for Performing Arts and the Adrienne Arsht Metromover Station. The building has two pools, theater room, spa, gym, and retail on the lobby, including a hair salon.
Working as a real estate agent since 2005, Adrian Diaz-Sieckel has his own brokerage firm EMH3 Real Estate & Management in Quantum.
Diaz-Sieckel said Edgewater “is its own community. There are enough things to do here. You have a ton of fantastic places to eat. A fantastic park. Everyone from the Venetian to 31st Street comes here. It’s an easy commute to most places,” he said. “You’re not dealing with Brickell and downtown Miami traffic. You have your own traffic, but it’s not Brickell level traffic. It’s one of those places where you could live, work, and entertain yourself.”
Renters stay about three years and either end up buying in the area or moving out.
Tips for urbanites
▪ First, she said, “If you’re looking at Brickell, you need to have ... assigned parking, not valet. You’ll need to wait for your car” with valet.
▪ Second, “If you prefer a building that is old with no amenities, you can find them along Brickell Bay Drive. You get good square footage with really nice views,” Wills said, and can save about $800 monthly on rent compared to living across the street in a new high rise.
So, where would you live? Take our poll.
This story was originally published June 13, 2024 at 5:00 AM.
