Miami renters could be seeing a change in the cost of an apartment
Miami is among the most expensive cities in the country for renters. But that may be gradually changing, according to a new report.
The median rent for a one-bedroom apartment in Miami is $2,590, the sixth-highest of the 100 cities surveyed in the report published by rental marketplace site Zumper this week. Last year, Miami ranked fifth nationally.
The median rent for a one-bedroom apartment in Miami was down 4.1% this month compared to the previous year, the largest decline of any city in the top 10. The median rent for a two-bedroom apartment in Miami is $3,300, which was down 5.4% year-over-year.
The cities with more expensive rents for one-bedroom apartments were New York, San Francisco, Boston, Jersey City and San Jose. San Francisco saw the most dramatic increase, with one-bedroom rents rising more than 20% year-over-year.
Miami’s decreasing rents fit into a larger trend in South Florida. Following record highs during the pandemic, rents have been correcting. Zumper’s 2022 rental report showed that rents in Miami at the time were rising more than 18% year-over-year, and between 2020 and 2022, rents rose 58% in Miami, the largest spike in the U.S. But in the years since, rents have been trending down.
And as developers continue to build multifamily projects, rents may continue to drop.
A report from Apartments.com and CoStar earlier in May showed that Miami is the major city with the most multifamily construction compared to total inventory. That trend could leave Miami with an oversupply of multifamily housing, which could drive rents down further.
But even with rents declining, housing affordability remains a top concern for many in Miami-Dade. The county is short about 90,000 units of affordable housing, according to the nonprofit Miami Homes for All.
The high cost-of-living in Miami-Dade is pushing some residents to relocate out of the county, or out of the state entirely.
And while the report shows that Miami’s overall median rent is dropping, Zumper’s data for some Miami-Dade neighborhoods and municipalities shows the opposite trend. In Miami Beach, rent is up 9% year-over-year, and downtown, rents are up by 2%.
