177 Studio Apartments for rent in Miami, FL
June 2020 Miami Rent Report
Welcome to the June 2020 Miami Rent Report. Miami rents declined 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.
June 2020 Miami Rent Report
Welcome to the June 2020 Miami Rent Report. Miami rents declined 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 rents decline sharply over the past month
Miami rents have declined 0.6% over the past month, but have remained steady at 0.2% in comparison to the same time last year. Currently, median rents in Miami stand at $1,086 for a one-bedroom apartment and $1,376 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in March. Miami's year-over-year rent growth lags the state average of 0.6%, as well as the national average of 0.8%.
Rents rising across the Miami Metro
While rents have remained steady in the city of Miami throughout the past year, cities across the metro have seen a different trend. Rents have risen in 8 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.
- 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.
- West Palm Beach has seen the fastest rent growth in the metro, with a year-over-year increase of 1.5%. The median two-bedroom there costs $1,395, while one-bedrooms go for $1,100.
- Miami Beach has the least expensive rents in the Miami metro, with a two-bedroom median of $1,291; rents decreased 0.5% over the past month but were up 1.0% over the past year.
Many large cities nationwide show more affordable rents compared to Miami
Rent growth in Miami has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Compared to most large cities across the country, Miami is less affordable for renters.
- Other cities across the state have seen rents slightly increase, with Florida as a whole logging rent growth of 0.6% over the past year. For example, rents have grown by 0.9% in Tampa and 0.8% in Jacksonville.
- Miami's median two-bedroom rent of $1,376 is above the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the stagnant growth in Miami.
- While rents in Miami remained moderately stable this year, similar cities saw increases, including Austin (+1.3%), Seattle (+1.2%), and Memphis (+0.8%); note that median 2BR rents in these cities go for $1,461, $1,688, and $837 respectively.
- Renters will generally find more expensive prices in Miami than most large cities. For example, Memphis has a median 2BR rent of $837, 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.
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.