The Miami rental apartment market is showing declines in price but remains one of the most expensive cities in the nation, according to Zumper’s National Rent Report for November.
Miami now ranks as the sixth-most expensive city in the U.S. for renters. The overall median rent across all property types in the metro area stands at $3,000. Despite the general decline in prices for typical apartments, the city's cost of housing remains high. It’s 57% higher than the national average.
The median price for a one-bedroom apartment fell to $2,500, marking a 3.8% drop year-over-year. Similarly, two-bedroom units dipped to a median of $3,230, a 3.6% decrease from the previous year.
This price dip in South Florida reflects a broader national trend identified by Zumper, suggesting the days of unrelenting rent inflation may be over — at least for now.
"Our National Rent Index shows one-bedroom rent down more than 2% year-over-year, the steepest decline we've recorded since we started tracking national rent data,” said Anthemos Georgiades, CEO of Zumper. “It's a clear signal that the cooling we're seeing isn't just seasonal."
Extremely high-demand neighborhoods continue to see surging prices, contrasting sharply with the overall trend, say Zumper analysts. Luxury markets like Brickell posted a median rent of $4,200, an annual increase of 5%. downtown Miami also sustained high rents with a median of $3,578.
For renters seeking options, East Little Havana offers relative relief, with median rents posting significantly lower figures. The report found that, despite the improved leverage for renters, Miami remains an expensive city to rent an apartment.
