845 Luxury Apartments for rent in Miami, FL

Last updated September 24 at 7:11AM
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Rent Report
Miami

September 2017 Miami Rent Report

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

Miami rent trends were flat over the past month

Miami rents have remained steady over the past month, but they have declined 0.4% year-over-year. Currently, median rents in Miami stand at $1,060 for a one-bedroom apartment and $1,350 for a two-bedroom. Miami'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 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 seen rents fall by 7.4% 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 $1,300.
  • 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 decreased 0.3% over the past month but were up 3.0% over the past year.

Many large cities nationwide show more affordable rents compared to Miami

As rents have fallen in Miami, many large cities nationwide have seen prices increase, in some cases substantially. Compared to most large cities across the country, Miami is less affordable for renters.

  • 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's median two-bedroom rent of $1,350 is above the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 0.4% decline in Miami.
  • While rents in Miami fell over the past year, many cities nationwide saw increases, including Tampa (+5.6%), Seattle (+5.4%), and Los Angeles (+5.0%).
  • Renters will generally find more expensive prices in Miami than most large cities. For example, Memphis has a median 2BR rent of $830, where Miami 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.
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%
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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.