There is a lot of doom and gloom at the moment.
The cost of goods and services continues to increase, and inflation hit 8.5% in May, so Miami residents are keen to see some relief to their wallets. Well, for some renters, there may be some good news.
The median price for a one-bedroom rental in Miami has fallen12% in June to $2200 per month, which is the lowest median price since September 2021. Over the past month, the average rent for a studio apartment in Miami decreased by 3% to $1,950, while the average rent for a 2-bedroom apartment decreased by 17% to $2,900.
While Miami still ranks as the third most expensive city to rent a one-bedroom apartment in the United States, the report does list some more affordable areas in Miami to rent. These include the neighborhoods of Villages of Oriole, where the average rent is $1,000/month. In addition, Cresthaven and Lakes of Delray also offer lower-priced rentals.
The drop in rental prices comes at a time when many Miami residents are looking to save money, especially as most landlords expect a renter to earn three times their prospective rent.
Many people have been blaming New Yorkers moving to Florida for the surge in rental prices over the last few years. Even Governor Ron DeSantis has spoken on the issue.
They tax and regulate so they repel people to leave their state. The base shrinks so they got to do it again to try to square the circle. And you just can’t have it. So states like Illinois, New York — they are in a tailspin and they’re not probably going to be willing to change their policies.”
Readers, what has been your experience with renting in Miami?
Have you found it difficult with the ever-increasing prices? Do you think the prices will continue to drop? Should people renting in Miami from other states be forced to pay more?
Please leave your comments below.