Rental prices for one- and two-bedroom apartments in Miami-Dade and Broward counties remained steep last month, but some cities are seeing significantly lower costs, according to according to Zumper's latest National Rent Report of Miami's metro area.
Hallandale Beach had the sharpest annual decline, with rent prices falling by 13.6% year-over-year.
Hollywood and Delray Beach also saw notable decreases, with annual rents dropping by 9.5% and 7.5%, respectively. The trend suggests a shift in the rental market, which has been notoriously expensive.
Although some cities saw their biggest drops over the course of a year, others saw significant decreases on a monthly basis.
Coral Gables had the largest month-over-month decline, with rents falling by 4.6%. Pompano Beach was right behind it, with a 4.4% drop in monthly rent, and Homestead came in third with a 3.2% decrease.
In August, the most expensive rents for one-bedroom apartments:
- Miami ($2,610)
- Miami Beach ($2,520)
- Doral ($2,400)
- Sunny Isles Beach ($2,330)
- Coral Gables ($2,300)
