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While Miami rental prices have been on the decline since the post-pandemic boom, it’s still very expensive to rent a one-bedroom apartment in the Magic City.
According to the latest Zumper National Rent Report, Miami remains the sixth-most expensive city to rent a one-bedroom apartment, clocking in at a median price of $2,540. Our fair city trails New York City ($4,460), San Francisco ($3,510), Boston ($2,910), San Jose, California ($2,730); and Jersey City, New Jersey (also $2,730).
Despite the high prices, the rental market in Miami is cooling. One-bedroom rental prices declined by two percent last month and nearly ten percent since this time last year. The median price of two-bedrooms in Miami is $3,260, a four percent month-over-month decrease and a nine percent decrease since last year.
The report found that national rent prices are either flat or declining for the third consecutive month. In September, the prices to rent a one-bedroom and a two-bedroom were $1,517 and $1,894, respectively. Seventy-one of the 100 cities analyzed in the report saw flat or declining monthly one-bedroom rental prices.
“National rent prices have cooled over the past few months as the rental market continues to recalibrate,” Anthemmos Georgiades, CEO of the apartment rental site, said in Zumper’s report. “A combination of cautious renter demand amid economic headwinds, ample inventory on the market, and a labor market that’s losing momentum have eased the pressure on rents we saw earlier this year.”
As far as other cities in the Sunshine State, Fort Lauderdale ranked 17th, with a one-bedroom rental price of $1,970, a one percent increase since last year. The price of a two-bedroom was $2,680, a seven percent decrease year over year. Tampa came in 27th, followed by St. Petersburg (29th), Orlando (34th), Jacksonville (66th), and Tallahassee 80th).
For those who like to keep score at home, Realtor.com named Miami the nation’s top homebuyer’s market earlier this month. The Magic City beat out Austin, Orlando, New York City, Jacksonville, Tampa, and Riverside (California) to snag the top spot. To compile the list, Realtor.com estimated how long it would take to sell an area’s housing inventory based on the pace of recent sales. Miami was estimated to have 9.7 months of housing inventory, meaning it would take nearly ten months to sell all of the homes currently for sale in the metro area. Given the large supply, the median list price for a home in Miami dropped 47 percent from 2027.
On the other hand, anyone wanna go in on a $26 million Gatsbyesque mansion in Coral Gables?
