Miami One-Bedroom Apartment Rents Drop by 2.1%

Miami One-Bedroom Apartment Rents Drop by 2.1%

In Miami, the rent for a one-bedroom apartment went down by 2.1% this June compared to last year. This drop is due to a large number of new apartments becoming available, according to a recent report from the rental platform Zumper.

Rent Increases in Other Florida Cities

  • Tallahassee: Rent for a one-bedroom apartment increased by 3.9% over the past year, reaching $1,070. This makes Tallahassee the most affordable city in Florida.
  • St. Petersburg: Rent went up by 3.2%, with the average cost now at $1,600.
  • Fort Lauderdale: Rent increased by 2%, bringing the average to $2,040.

Miami Rent Comparison

Miami’s average rent for a one-bedroom apartment this June was $2,800. This rate is similar to Boston’s and is one of the highest in the country. Only San Francisco ($2,960), Jersey City ($3,290), and New York ($4,300) have higher rents.

National and Two-Bedroom Rent Trends

Nationally, the average rent increased by 1.5% this June, reaching $1,526.

  • Miami: Rent for a two-bedroom apartment decreased by 2%, now averaging $3,850.
  • Fort Lauderdale: Rent for a two-bedroom apartment increased by 1.8%, with an average of $2,900.
  • St. Petersburg: Rent for a two-bedroom apartment saw a significant increase of 7.3%, bringing the average to $2,200.
  • Tallahassee: Rent for a two-bedroom apartment went up by 2.4%, now at $1,290.