By Mike S Payton, Contributing Reporter
MIAMI BEACH, FLORIDA – Miami rents have declined 0.2 percent over the past month, according to a new report by Apartment Finder, and are up slightly by 1.0 percent in comparison to the same time last year. Currently, median rents in Miami stand at $1,080 for a one-bedroom apartment and $1,370 for a two-bedroom.
The Apartment Finder monthly report shows Miami’s year-over-year rent growth lags the state average of 1.5 percent, but is in line with the national average of 1.0 percent.
The current inflation rate for the United States is 1.9 percent for the twelve months ended December 2018, as published on January 11, 2019 by the U.S. Labor Department.
Throughout the past year, rent increases have been occurring not just in the city of Miami, but across the entire metro. Of the largest ten cities that we have data for in the Miami metro, eight of them have seen prices rise.
Miami Beach has the least expensive rents in the Miami metro, with a two-bedroom median of $1,260; additionally, the city has seen rent growth of 0.3 percent over the past month, the fastest in the metro.
Over the past year, Deerfield Beach has seen the biggest rent drop in the metro, with a decline of 0.8 percent. Median two-bedrooms there cost $1,510, while one-bedrooms go for $1,190.
Pembroke Pines has the most expensive rents of the largest cities in the Miami metro, with a two-bedroom median of $2,420; rents increased 0.2 percent over the past month and 0.6 percent over the past year.
As rents have increased slightly in Miami, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Miami is less affordable for renters.
Rents increased moderately in other cities across the state, with Florida as a whole logging rent growth of 1.5 percent over the past year. For example, rents have grown by 3.0 percent in Tampa and 2.4 percent in Jacksonville.
Miami’s median two-bedroom rent of $1,370 is above the national average of $1,170. Nationwide, rents have grown by 1.0 percent over the past year, which matches the rise in Miami.
While Miami’s rents rose slightly over the past year, many cities nationwide also saw increases, including Austin (+3.3 percent), San Francisco (+2.7 percent), and New York (+2.4 percent).
Renters will generally find more expensive prices in Miami than most large cities. For example, Memphis has a median 2BR rent of $830, where Miami is more than one-and-a-half times that price.