Real Estate

Miami's Median Condo Rent, $1,900 a Month, Jumps to Eighth-Highest in the Nation

Signs indicate Miami's condo sales market may be cooling, but rent prices aren't necessarily cooling with it. According to the latest numbers from Zumper, the median rent for a listed one-bedroom condo in Miami is $1,900. 

That's up from $1,840 in February, and a 8.6 percent increase year-over-year. Miami has now overtaken Chicago as the eighth most expensive rental market in the nation. 

Meanwhile, two-bedroom condos now have a median monthly rent of $2,640. That's up an even higher 12.3 percent year-over-year. 

San Francisco still reigns supreme as the most expensive rental market in the country. The median rent for a one-bedroom apartment there is $3,590. New York City isn't far behind at $3,340. Boston, Oakland, San Jose, D.C., and Los Angeles also have more expensive rents than Miami. 
Zumper arrives at its numbers after the firm "analyzes rental data from over 1 million active listings across the United States." All listings within the metro area are taken into account. 

Of course, that doesn't make for a perfect measure of what average Miamians actually pay for rent. Only units listed in formal databases are analyzed. 

So condos that are advertised only through word of mouth, informal databases such as Craigslist, and signs on the property aren't taken into account. And we all know how people in Miami love to do things off the books. 

A median figure also means exactly half of one-bedroom rentals on the market are listed at less than $1,900 a month. 

So you can still find plenty of condos under that price, but cheaper options are increasingly harder to find in the area. 
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Kyle Munzenrieder