South Florida apartment renters are getting a break.
Zumper's latest Miami Metro Report shows that Homestead, Weston, and Miramar recorded the largest annual rent price declines in the region last month, each falling more than 7%.
Rents are softening in some of the more affordable outer markets, the report shows, but Miami remains one of the most expensive metro areas in the country for renters.
Of the 25 cities in South Florida tracked in the report, only four came in below Florida's one-bedroom median rent of $1,557 last month, meaning the vast majority of Miami-area renters are still paying above the statewide benchmark.
The cooling trend in a few cities offers some relief, but it hasn't been significant enough for many residents.
FIU’s Caplin News, a WLRN news partner, reported last month that many college students in South Florida are being forced to commute hours or take on multiple jobs just to pay rent.
A plan to slash property tax rates for homesteaded properties by Gov. Ron DeSantis and the Florida Legislature could lead to eve higher rents for renters across the state.
READ MORE: Florida policy group rings alarm on higher rents if property tax changes pass
"Rents could go up as landlords pass through the additional tax burden that's placed on non-homesteads to renters," said Jeff Scala, a deputy policy director with the Florida Association of Counties.
While declines in markets like Homestead signal some market correction, housing affordability challenges remain, driven by high insurance costs, property taxes, and consistent demand, and are unlikely to reverse quickly across the Miami metro, Zumper report authors said.
