After years of price hikes and skyrocketing real estate across South Florida, the cost of renting is beginning to flatten, according to a report by Apartment List.
With an influx of apartment buildings bringing in new apartments to the rental market across South Florida, the prices have eased.
Rent costs in the Miami metropolitan area trended downwards last year by 1.1%, the report said.
The United States saw rent prices drop by 0.7%. The overall median rent stands at $1,954 across Miami.
So far, the price growth in 2023 doesn’t compare to the last few post-pandemic years.
After a slight decrease in 2020, median rent prices in Miami rose by a whopping 25.3% in 2021.
Prices cooled off one year later but still rose by 7.2%. The year-to-date increase in 2023 was 0.8%, as of July.
The month-over-month increase in Miami was slightly lower than the average increase in the US as well.
Some cities in the Miami metropolitan area experienced more drastic drops in the year-to-year price growth of rentals than others.
For example, median prices in North Miami dropped 6.6% from last year. The median asking price for a one-bedroom apartment in the city is $1,527.
Hialeah is the most affordable city with a median rent of $1,328 for a one-bedroom. Weston is currently the most expensive, with a median rent of $2,115.
Other cities in the metro area experienced growth, though – like Lake Worth, up 6.5% from last year. The median price for a one-bedroom in the city is $1,468.
Click here to view the full list of median rental costs and price growth across the metro’s cities.
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