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Condos are king—that’s the first thing you’ll need to know about renting in Miami. Sure there are some apartments here, but South Florida is practically the condo capital of the world. Brokers are often used here, so enlisting a specialist to help you is a good idea. If you see something you like, it’d be wise to jump on it.
How much will it cost?
The cost of living here is higher than the national average according to Kiplinger’s 2010 rankings, but affordable apartments can be had, and condo prices came tumbling down when the housing bubble burst (it burst pretty hard in Florida). Renting a condo will generally cost a lot more since the owner is responsible for assessment fees (aka association fees), which are payments each owner makes towards the overall upkeep of the property.
Condo Complications
Besides the extra costs, condos can also be tricky because of the extra humanoids that are often in the mix. You’ve got the condo association, the owner of the unit, and the tenant. Remember that the units are owned by someone, so that means people will be a little more concerned about their upkeep and the building overall. That’s great for maintaining a nice place, but it’s also a pain in the neck when the old lady in 9G complains about your stamp collection being “too noisy.”
When to start looking
Give yourself about 4-6 weeks of time to find a place in Miami. Any less than that and you could wind up spending more time watching Jai alai matches than you anticipated. Keep in mind August and September are the months most likely to feature tropical storm activity, so if Hurricane Harry is about to blow through, your real estate agent might be about to blow you off.
What you need
Nothing too fancy needed here. Bring your credit report, proof of income, rental history, and references.
Aventura: Technically its own city (since 1995), Aventura is part of Miami-Dade county and a lovely area full of high-rise condos and fancy homes. It also has the famous Aventura Mall.
Brickell: The financial district center and part of the greater downtown area, Brickell is chock full of towering condominiums that will cost plenty. This section is growing fast and it’s also one of the best spots to live sans car, as the city’s Metrorail and Metromover train systems stop here.
Coconut Grove: This famously festive neighborhood has lots of condos and pricey single family homes. Nightlife and the arts are very well represented here. You also might bump into LeBron James at the supermarket.
Coral Gables: One of the original planned communities, Coral Gables is a scenic area that’s home to the University of Miami. There’s lots of upscale restaurants and shopping to be found here, and it’s a great place to rent if you can find a place.
Design District: A small area south of Little Haiti, this neighborhood is a haven for dozens of art galleries. You’ll find many warehouses here and just a few places to live.
Downtown: The urban center and heart of the city. High rises are expensive but increasingly populated.
Hialeah: A predominantly middle class neighborhood.
Kendall: A pricier suburb of Miami between Coral Gables and Downtown, this area strikes a good balance between affordable and comforting.
Key Biscayne: An island retreat for the wealthy.
Little Havana: As its name implies, this spot is home to many Cuban immigrants and a mecca for Hispanic culture. Some areas are really on the upswing.
Little Haiti: A home away from home for the huge Haitian population in Miami, this area is full of Creole cooking and Creole-speaking residents.
Miami Lakes: A pleasantly planned town, Miami Lakes has a hometown feel that’s hard to find in many parts of the city.
Miami Shores: An inviting area of North Miami that stretches in from Biscayne Bay.
Opa-Locka: A small city within Miami-Dade, Opa-Locka is considered a place to avoid.
Overtown: A depressed area and another spot to skip.
South Beach: The beach. The celebs. (The diet.) South Beach features a dizzying mix of clubs, restaurants, hotels and shopping. Even if you have the cash to live here, vacancy rates hover around 2%.
Sunny Isles Beach: This small barrier island brings you plenty of beachiness with its condos. Lots of retirees here.
Cars vs. Speedboats
So after watching season three of Miami Vice, you’re left wondering, “Do I need a car or a speedboat in Miami?” Sadly, the answer is the less exciting of the two. While the Metrorail (high speed), Metromover (free rapid transit downtown), and Metrobus options are great if you live downtown, everyone else will likely be in a car. Walk Score gives Miami a 72, so compared to Florida’s average score of 45, this is one city where you can strut your stuff.
Hurricanes Can Hurt
Winter won’t be a worry here (January’s average high temperature is 75 degrees), but hurricanes – or the threat of them - will get your attention each summer. The Atlantic hurricane season officially runs from June 1 through November 30, but August and September are the months that you’ll find yourself watching way more of The Weather Channel than you’d like. Buy yourself some peace of mind by having an evacuation plan and organizing a disaster supply kit complete with water, non-perishable food, a flashlight, batteries, portable radio, cash, and whatever else you think you might need if you lose power for several days.
Living in Miami can present some challenges in the way of language, cost and climate, but if you find a nice place to live, you’ll call one of the most vibrant, action-packed cities on the globe home. Enjoy it!
Welcome to the April 2021 Miami Rent Report. Miami rents increased 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.
Welcome to the April 2021 Miami Rent Report. Miami rents increased 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 have increased 1.2% over the past month, but have decreased moderately by 0.9% in comparison to the same time last year. Currently, median rents in Miami stand at $1,268 for a one-bedroom apartment and $1,656 for a two-bedroom. This is the fifth straight month that the city has seen rent increases after a decline in October of last year. Miami's year-over-year rent growth lags the state average of 2.2%, as well as the national average of 0.0%.
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.
As rents have fallen moderately in Miami, a few 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.
For more information check out our national report. You can also access our full data for cities and counties across the U.S.
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 about the methodology on our blog.
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.
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.
Apartment List has released Miami’s results from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters, provides insight on what states and cities must do to meet the needs of 111 million American renters nationwide.
"Miami renters expressed general satisfaction with the city overall," according to Apartment List. "They g...
Here’s how Miami ranks on:
Apartment List has released Miami’s results from the third annual Apartment List Renter Satisfaction Survey. This survey, which drew on responses from over 45,000 renters, provides insight on what states and cities must do to meet the needs of 111 million American renters nationwide.
"Miami renters expressed general satisfaction with the city overall," according to Apartment List. "They gave most categories near average scores."
Key findings in Miami include the following:
Renters say:
For more information on the survey methodology and findings or to speak to one of our researchers, please contact our team at rentonomics@apartmentlist.com.
Miami's booming economy, access to beaches, nightlife, and Latin flavors draw newcomers to its neighborhoods. Also known as Magic City, Miami is home to Latin restaurants, galleries, museums, and major sports franchises. If you're already convinced that moving to Miami is for you, here's where you can lay down your roots.
Miami, Florida, is a paradise for those who dream of living within close proximity to a beach without ever leaving the comforts of the city.
New residents are drawn to Magic City's warm weather, coastal beaches, and city bustle. There truly is no place like it.
Considering making the move to Miami? If so, it's essential to consider the city's cost of living and whether it's a good match for your budget.
Here's everything you need to know about the cost of living in Miami.