2 Apartments under 700 for rent in Miami Beach, FL

Last updated September 24 at 6:10PM
Results within 10 miles of Miami Beach, FL
7861 NW 30th St
Hollywood
Hollywood, FL
Updated September 24 at 6:10PM
Studio
$650
Results within 20 miles of Miami Beach, FL
821 NW 45th St
I-95 Business Corridor North
Oakland Park, FL
Updated September 24 at 6:10PM
Studio
$375
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Rent Report
Miami Beach

September 2017 Miami Beach Rent Report

Welcome to the September 2017 Miami Beach Rent Report. Miami Beach rents declined over the past month. In this report, we'll evaluate trends in the Miami Beach rental market, including comparisons to cities throughout the metro, state, and nation.

Miami Beach rents declined significantly over the past month

Miami Beach rents have declined 0.6% over the past month, and are down sharply by 7.4% in comparison to the same time last year. Currently, median rents in Miami Beach stand at $1,020 for a one-bedroom apartment and $1,300 for a two-bedroom. This is the tenth straight month that the city has seen rent decreases after an increase in October of last year. Miami Beach's year-over-year rent growth lags the state average of 3.6%, as well as the national average of 3.0%.

Rents rising across the Miami Metro

While rent prices have decreased in Miami Beach over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in 8 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 the least expensive rents in the Miami metro, with a two-bedroom median of $1,300; the city has also seen rents fall by 7.4% over the past year, the biggest drop in the metro.
  • Deerfield Beach has seen the fastest rent growth in the metro, with a year-over-year increase of 3.6%. The median two-bedroom there costs $1,500, while one-bedrooms go for $1,180.
  • Pembroke Pines has the most expensive rents of the largest cities in the Miami metro, with a two-bedroom median of $2,390; rents fell 0.3% over the past month but rose 3.0% over the past year.

Miami Beach rents more affordable than many large cities nationwide

As rents have fallen in Miami Beach, many large cities nationwide have seen prices increase, in some cases substantially. Miami Beach is still more affordable than most large cities across the country.

  • Other cities across the state have seen rents increase, with Florida as a whole logging rent growth of 3.6% over the past year. For example, rents have grown by 4.5% in Jacksonville.
  • Miami Beach's median two-bedroom rent of $1,300 is above the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 7.4% decline in Miami Beach.
  • While rents in Miami Beach fell over the past year, many cities nationwide saw increases, including Tampa (+5.6%), Seattle (+5.4%), and Los Angeles (+5.0%).
  • Renters will find more reasonable prices in Miami Beach than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than twice the price in Miami Beach.

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.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Miami $1,060 $1,350 0.1% -0.4%
Fort Lauderdale $1,140 $1,440 0.8% 2.2%
Pembroke Pines $1,880 $2,390 -0.3% 3.0%
Hollywood $1,100 $1,390 -0.3% 0.5%
West Palm Beach $1,050 $1,330 0.2% 3.0%
Pompano Beach $1,140 $1,440 0.1% 2.6%
Miami Beach $1,020 $1,300 -0.6% -7.4%
Boca Raton $1,410 $1,790 -0.2% 0.6%
Deerfield Beach $1,180 $1,500 0.2% 3.6%
Boynton Beach $1,290 $1,640 -0.0% 3.2%
See more

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.