22 Studio Apartments for rent in Boca Raton, FL
May 2020 Boca Raton Rent Report
Welcome to the May 2020 Boca Raton Rent Report. Boca Raton rents declined over the past month. In this report, we'll evaluate trends in the Boca Raton rental market, including comparisons to cities throughout the metro, state, and nation.
Boca Raton rents decline sharply over the past month
Boca Raton rents have declined 1.7% over the past month, but have increased moderately by 2.2% in comparison to the same time last year. Currently, median rents in Boca Raton stand at $1,500 for a one-bedroom apartment and $1,902 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in February. Boca Raton's year-over-year rent growth leads the state average of 1.5%, as well as the national average of 1.4%.
Rents rising across the Miami Metro
Throughout the past year, rent increases have been occurring not just in the city of Boca Raton, but across the entire metro. Of the largest 10 cities that we have data for in the Miami metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Pembroke Pines has seen rents fall by 0.4% over the past year, the biggest drop in the metro. It's also the most expensive city in the Miami metro with a two-bedroom median of $2,406.
- Boca Raton has seen the fastest rent growth in the metro, with a year-over-year increase of 2.2%. The median two-bedroom there costs $1,902, while one-bedrooms go for $1,500.
- Miami Beach has the least expensive rents in the Miami metro, with a two-bedroom median of $1,298; rents fell 0.2% over the past month but rose 1.1% over the past year.
Many large cities nationwide show more affordable rents compared to Boca Raton
As rents have increased moderately in Boca Raton, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, Boca Raton is less affordable for renters.
- Rents increased slightly in other cities across the state, with Florida as a whole logging rent growth of 1.5% over the past year. For example, rents have grown by 2.1% in Tampa and 1.4% in Jacksonville.
- Boca Raton's median two-bedroom rent of $1,902 is above the national average of $1,196. Nationwide, rents have grown by 1.4% over the past year compared to the 2.2% increase in Boca Raton.
- While Boca Raton's rents rose moderately over the past year, the city of San Francisco saw a decrease of 0.3%.
- Renters will generally find more expensive prices in Boca Raton than most large cities. For example, Memphis has a median 2BR rent of $837, where Boca Raton is more than twice that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.