After years of price hikes and skyrocketing real estate across South Florida, the cost of renting is beginning to flatten, according to a report by Apartment List.
With an influx of apartment buildings bringing in new apartments to the rental market across South Florida, the prices have eased.
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Rent costs in the Miami metropolitan area trended downwards last year by 1.1%, the report said.
The United States saw rent prices drop by 0.7%. The overall median rent stands at $1,954 across Miami.
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So far, the price growth in 2023 doesn't compare to the last few post-pandemic years.
After a slight decrease in 2020, median rent prices in Miami rose by a whopping 25.3% in 2021.
Prices cooled off one year later but still rose by 7.2%. The year-to-date increase in 2023 was 0.8%, as of July.
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The month-over-month increase in Miami was slightly lower than the average increase in the US as well.
Some cities in the Miami metropolitan area experienced more drastic drops in the year-to-year price growth of rentals than others.
For example, median prices in North Miami dropped 6.6% from last year. The median asking price for a one-bedroom apartment in the city is $1,527.
Hialeah is the most affordable city with a median rent of $1,328 for a one-bedroom. Weston is currently the most expensive, with a median rent of $2,115.
Other cities in the metro area experienced growth, though - like Lake Worth, up 6.5% from last year. The median price for a one-bedroom in the city is $1,468.
Click here to view the full list of median rental costs and price growth across the metro's cities.
