Miami, FL Rental Market Trends
Miami Rent Report: February 2023
Welcome to the Apartment List February 2023 Rent Report for Miami, FL. Currently, the overall median rent in the city stands at $1,937, roughly the same as last month. Prices remain up 7.5% year-over-year. Read on to learn more about what’s been happening in the Miami rental market and how it compares to trends throughout the broader Miami metro area and the nation as a whole.
Miami rents are flat month-over-month and up 7.5% year-over-year
The median rent in Miami fell by 0.1% over the course of January, and has now increased by a total of 7.5% over the past 12 months. Miami’s rent growth over the past year has has outpaced both state (3.3%) and national (3.3%) averages.
January rent growth in Miami ranked #40 among large U.S. cities
Miami rents went down 0.1% in the past month, compared to the national rate of -0.3%. Among the nation's 100 largest cities, this ranks #40. Similar monthly rent growth took place in Lexington, KY (-0.1%) and St. Petersburg, FL (-0.2%).
Miami is the #16 most expensive large city in the U.S., with a median rent of $1,937
Citywide, the median rent currently stands at $1,621 for a 1-bedroom apartment and $2,148 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,937. That ranks #16 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,148 for a 1-bedroom, $1,316 for a 2-bedroom, and $1,338 overall. The median rent in Miami is 44.7% higher than the national, and is similar to the prices you would find in Gilbert, AZ ($2,017) and Riverside, CA ($1,927).
Miami rents are 5.7% lower than the metro-wide median
If we expand our view to the wider Miami metro area, the median rent is $2,053 meaning that the median price in Miami proper ($1,937) is 5.7% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 4.6%, below the rate of rent growth within just the city.
The table below shows the latest rent stats for 27 cities in the Miami metro area that are included in our database. Among them, Aventura is currently the most expensive, with a median rent of $3,185. Hollywood is the metro’s most affordable city, with a median rent of $1,700. The metro's fastest annual rent growth is occurring in Lauderhill (19.0%) while the slowest is in Delray Beach (-2.0%).
You can also use the map below to explore the latest rent trends in the Miami metropolitan area.
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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