By Jessica Sanchez and Mike S Payton, Contributing Reporters
MIAMI BEACH, FLORIDA – Florida’s top ten most expensive ZIP codes are mainly located in the Miami metro area, according to a new report by RENTCafé. Six of them are in Miami City, two in Fort Lauderdale, one in Boca Raton and the only outlier is in Sarasota.
In the last year, the report shows that in Miami Beach, South Beach (ZIP code 33139) rents decreased, while North Beach (ZIP code 33141) rents increased. While South Beach remains the destination for billionaires, and millions of tourist each year, North Beach is known as the place where locals want to live.
According to the report, South Beach with an average rent of $2,165, saw prices go down 2.7 percent compared to last year, and the share of occupied renter households was 66 percent.
Sanziana Bona, who authored the RENTCafé report explained, “As a favorite spot for its beach, retail and entertainment scene, [South Beach] is not necessarily the most favorable location to raise a family, given the increased tourist activity.”
“The median age in this predominantly renting neighborhood is forty, and interestingly enough, the area saw a drop of four percent in renter households. Thus, the sliding demand for rentals fueled by those opting to relocate to quieter areas can point to a decrease in rent prices.”
ZIP code 33141 in North Beach has an average rent of $1,837, which was up 1.6 percent compared to last year, and the share of rented occupied households was seventy percent.
Joanna Jimenez of Opes Real Estate Group commented, “We have a lot more people relocating from other states and countries to North Beach that prefer more space for a lower price. She added, “They still get the Miami Beach address and proximity to the beach.”
The highest rent in Miami was ZIP code 33131, along the shore in Brickell, which was $2,722 per month on average. The year-over-year increase was 4.6 percent, and the share of rented occupied household of 68 percent.
Ms. Bona explained, “The most expensive ZIP code in Miami is 33131, covering the downtown and Brickell areas, two of the most desirable locations to live in the state of Florida. The area continues to grow, as Brickell has seen a significant increase in population since 2000, becoming the most populous neighborhood in Miami’s revived downtown.”
“It is home to a 9.1-acre business center as well as many restaurants, stores, and a high number of construction sites underway. Apartment rents saw a 4.6 percent increase since last year as it is not only a premier waterfront location in the heart of the city, but also a favorable area to live in for those wanting to be closer to their workplace.”
The highest year-over-year increase in Miami was in ZIP code 33177 around South Miami Heights, where the average monthly rent is $1,781, which had grown 7.2 percent in the last year. The share of rented occupied household is only 26 percent there.
On the other hand, according to Rentcafé, ZIP code 33146 around University of Miami and Coral Gables shows the biggest drop registering an average rent of $2,486, down 25 percent.
In the rest of Florida, ZIP code 33301 in Fort Lauderdale, registering average rents of $2,679, down 0.7 percent. Boca Raton makes an appearance on the seventh place, with ZIP code 33432, where the average rent was $2,242. Sarasota ZIP code 34236 takes the tenth position, boasting average rents of $2,207, up two percent year over year.
It was recently reported by the Miami Herald that about 94 people a day moved to Miami – Dade, Broward and Palm Beach counties from July 2017 to July 2018, most of them from out of the country.
Ongoing frustration and public criticism laments the lack of affordable housing in Miami-Dade, as it consistently ranks as one of the most expensive places to live in relation to median household incomes.
“The median purchase price of a home, about $350,000 in Miami, is not affordable to 85 percent of all city households,” Metropolitan Center’s AICP Associate Director Ned Murray said.