Despite a significant year-over-year drop in rental prices, the market in Miami, remains one of the nation's most expensive, ranking as the sixth most expensive city to rent, according to the latest National Rent Report from Zumper.
While the city’s housing boom is decelerating, mirroring a broader national trend, median rents still command a hefty premium.
The Zumper report, which utilizes data aggregated from over 1 million active listings, pinpoints the high cost of living here.
The median rent for a one-bedroom apartment settled at $2,550, while the median two-bedroom unit reached $3,320 — a significant drop, year-over-year, according to the report.
Miami's drop is part of a larger nationwide trend. Zumper's National Rent Index registered its fourth straight month of flat or declining rates, with national one-bedroom prices down 1.5% and two-bedrooms down 1.2% annually.
While the national median rent for a one-bedroom is $1,511, Miami’s price point remains dramatically higher.
