Miami’s rental market has cooled significantly, posting one of the steepest year-over-year declines among major U.S. cities, according to the latest Zumper National Rent Report.
While the city remains the sixth most expensive rental market in the country, the recent data shows a clear shift, with both one- and two-bedroom median rents falling by nearly 10% compared to last year.
The downturn places Miami alongside Jersey City, New Jersey, and Los Angeles as a leader in annual rent softening among the top 10 priciest rental markets, all of which fell more than 7% year-over-year.
The report for September revealed the following specific trends for the Miami market:
- One-bedroom rent: The median price sits at $2,540, a year-over-year decline of 9.60%. On a monthly basis, one-bedroom rent fell by 2.70%.
- Two-bedroom rent: The median price is $3,360, representing a year-over-year drop of 9.90%. Month-over-month, two-bedroom prices decreased by 4.00%.
The steep declines align with a broader national trend of softening rental prices.
Zumper’s National Rent Index showed the third consecutive month of flat or falling national rates, as 71 out of 100 cities recorded flat or declining monthly one-bedroom rents.
The cooling is attributed to factors like cautious renter demand, increasing inventory, and a labor market that is losing momentum.
