64 Studio Apartments for rent in Fort Lauderdale, FL
January 2020 Fort Lauderdale Rent Report
Welcome to the January 2020 Fort Lauderdale Rent Report. Fort Lauderdale rents increased over the past month. In this report, we'll evaluate trends in the Fort Lauderdale rental market, including comparisons to cities throughout the metro, state, and nation.
January 2020 Fort Lauderdale Rent Report
Welcome to the January 2020 Fort Lauderdale Rent Report. Fort Lauderdale rents increased over the past month. In this report, we'll evaluate trends in the Fort Lauderdale rental market, including comparisons to cities throughout the metro, state, and nation.
Fort Lauderdale rents increase sharply over the past month
Fort Lauderdale rents have increased 0.9% over the past month, but have remained steady at 0.3% in comparison to the same time last year. Currently, median rents in Fort Lauderdale stand at $1,151 for a one-bedroom apartment and $1,459 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in September. Fort Lauderdale's year-over-year rent growth lags the state average of 1.3%, as well as the national average of 1.4%.
Rents rising across the Miami Metro
While rents have remained steady in the city of Fort Lauderdale throughout the past year, cities across the metro have seen a different trend. Rents have risen in 7 of of the largest 10 cities in the Miami metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- Miami Beach has seen rents fall by 0.7% over the past month, the biggest drop in the metro. It also has the least expensive rents in the Miami metro, with a two-bedroom median of $1,297.
- Boca Raton has seen the fastest rent growth in the metro, with a year-over-year increase of 4.4%. The median two-bedroom there costs $1,925, while one-bedrooms go for $1,518.
- Pembroke Pines has the most expensive rents of the largest cities in the Miami metro, with a two-bedroom median of $2,405; rents grew 0.1% over the past month but decreased 0.3% over the past year.
Many large cities nationwide show more affordable rents compared to Fort Lauderdale
Rent growth in Fort Lauderdale has been relatively stable over the past year - some other large cities have seen more substantial increases. Compared to most large cities across the country, Fort Lauderdale is less affordable for renters.
- Other cities across the state have seen rents slightly increase, with Florida as a whole logging rent growth of 1.3% over the past year. For example, rents have grown by 2.4% in Tampa and 1.3% in Jacksonville.
- Fort Lauderdale's median two-bedroom rent of $1,459 is above the national average of $1,192. Nationwide, rents have grown by 1.4% over the past year compared to the stagnant growth in Fort Lauderdale.
- While rents in Fort Lauderdale remained moderately stable this year, similar cities saw increases, including Austin (+3.1%), Seattle (+1.8%), and DC (+1.6%); note that median 2BR rents in these cities go for $1,471, $1,675, and $1,572 respectively.
- Renters will generally find more expensive prices in Fort Lauderdale than most large cities. For example, Memphis has a median 2BR rent of $835, where Fort Lauderdale is more than one-and-a-half times 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.