Miami, FL Rental Market Trends

Miami Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Miami, FL. Currently, the overall median rent in the city stands at $1,923, roughly the same as last month. Prices remain down 0.9% 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 down 0.9% year-over-year

The median rent in Miami rose by 0.3% over the course of April, and has now decreased by a total of 0.9% over the past 12 months. Miami’s rent growth over the past year has has outpaced the state average (-2.7%) and is similar to the national average (-0.8%).

Miami rent growth in 2024 pacing above last year

Four months into the year, rents in Miami have risen 1.9%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 0.7%.

April rent growth in Miami ranked #65 among large U.S. cities

Miami rents went up 0.3% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #65. Similar monthly rent growth took place in Mesa, AZ (0.3%) and Arlington, TX (0.3%).

Miami is the #19 most expensive large city in the U.S., with a median rent of $1,923

Citywide, the median rent currently stands at $1,607 for a 1-bedroom apartment and $2,129 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,923. That ranks #19 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Miami is 37.7% higher than the national, and is similar to the prices you would find in Yonkers, NY ($1,939) and Moreno Valley, CA ($1,896).

Miami rents are 4.9% higher than the metro-wide median

If we expand our view to the wider Miami metro area, the median rent is $1,832 meaning that the median price in Miami proper ($1,923) is 4.9% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -0.5%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 26 cities in the Miami metro area that are included in our database. Among them, Wellington is currently the most expensive, with a median rent of $2,520. North Miami is the metro’s most affordable city, with a median rent of $1,496. The metro's fastest annual rent growth is occurring in Lauderhill (3.4%) while the slowest is in Miami Beach (-3.4%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Boca Raton
$2,152
$2,386
0.0%
-0.7%
Boynton Beach
$1,741
$1,922
0.6%
-0.2%
Coconut Creek
$1,832
$1,982
0.5%
-1.4%
Coral Gables
$1,873
$2,571
2.1%
-0.6%
Coral Springs
$1,597
$1,909
1.0%
-0.6%
Dania Beach
$1,490
$1,779
1.4%
2.4%
Davie
$1,930
$1,941
0.9%
-0.9%
Deerfield Beach
$1,406
$1,840
-0.7%
-1.3%
Doral
$2,052
$2,333
0.3%
-0.0%
Fort Lauderdale
$1,696
$2,122
0.6%
0.6%
Hialeah
$1,335
$1,861
0.3%
3.0%
Hollywood
$1,300
$1,747
0.0%
-2.4%
Lauderhill
$1,426
$1,726
0.4%
3.4%
Miami
$1,607
$2,129
0.3%
-0.9%
Miami Beach
$1,816
$2,278
-1.5%
-3.4%
Miramar
$1,439
$1,615
0.3%
-1.4%
North Miami
$1,328
$1,703
0.1%
-2.2%
North Miami Beach
$1,515
$2,012
-0.0%
2.3%
Palm Beach Gardens
$2,021
$2,195
-1.1%
1.1%
Pembroke Pines
$1,477
$1,883
-0.1%
-0.7%
Plantation
$1,842
$2,182
0.6%
-1.3%
Pompano Beach
$1,488
$1,812
0.8%
-0.4%
Sunrise
$1,596
$2,031
0.3%
1.4%
Tamarac
$1,557
$1,824
0.9%
-0.9%
Wellington
$1,961
$2,213
-0.1%
-2.1%
West Palm Beach
$1,496
$1,783
-0.5%
-3.0%
See More

You can also use the map below to explore the latest rent trends in the Miami metropolitan area.

Methodology

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.

Data Access

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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