Real estate firm Redfin crunched the numbers, and rent has been falling the past two years in Miami-Dade, Broward, and Palm Beach counties.
Here’s a look at what we’re paying based on apartments from studios to three bedrooms:
Median rent in South Florida
2024: $2,376 a month
2023: $2,470
2022: $2,560
Median rent in U.S.
2024: $1,619 a month, about the same as 2023
Note: Some areas across the country are seeing double-digit increases and others double-digit decreases in apartment rent, so the cost could depend on where you live.
The South Florida rent prices for this year are from data gleaned from Redfin’s rental listings from August through October for apartment buildings with at least five units.
The data doesn’t include condos or single-family homes for rent. Condo rents could be affected by higher association fees and assessments. Prices for single-family homes hit an all-time high this year in South Florida.
factors driving the high cost of living, and offer tips on finding affordable housing in one of the country’s most sought-after regions.
Miami Rental Prices: High Demand and Skyrocketing Costs
Miami, the bustling metropolis and cultural hub of South Florida, has become synonymous with luxury living, upscale condominiums, and a booming rental market. With its proximity to international trade, finance, entertainment, and tourism, Miami attracts people from all over the world. As a result, rental prices in Miami are among the highest in the country, driven by strong demand for both long-term leases and short-term vacation rentals.
Average Rent Prices in Miami (2024)
As of 2024, the average rent in Miami varies depending on the neighborhood and the type of apartment you’re looking for. Here’s a breakdown of the typical rent prices for different types of apartments in the city:
- Studio apartments: $1,600–$2,300 per month
- 1-bedroom apartments: $2,100–$2,800 per month
- 2-bedroom apartments: $2,700–$3,800 per month
- 3-bedroom apartments: $3,800–$5,500 per month
Luxury apartments and high-end condos, particularly in popular areas like Brickell, Downtown Miami, and Miami Beach, can cost significantly more. In these areas, rents for high-rise buildings or newly developed properties can easily exceed $5,000 per month for a 2-bedroom unit. These neighborhoods are known for their luxury amenities, stunning water views, and prime locations near dining, shopping, and nightlife, which contribute to the higher rents.
For those seeking more affordable options, neighborhoods like Little Havana, Allapattah, and Westchester offer more budget-friendly rental prices, though rents are still high compared to the national average.
Factors Driving Miami’s High Rent Prices
- Demand and Limited Supply: Miami’s population growth and popularity as a destination for both tourists and residents have created intense competition for rental properties. New construction is happening in many parts of the city, but the demand for housing continues to outstrip the supply.
- Tourism and Short-Term Rentals: The influx of short-term vacation rentals, particularly from platforms like Airbnb, has contributed to rising prices, as property owners can often make more money from vacation rentals than long-term tenants.
- Luxury Developments: Miami has become a hotspot for luxury living, with a constant influx of wealthy renters and investors. This has driven the construction of upscale residential buildings that cater to this demographic, pushing overall rent prices higher.
Broward County Rental Prices: A Slightly More Affordable Option
While Miami tends to dominate the rental market in South Florida, Broward County, which includes cities like Fort Lauderdale, Hollywood, Pembroke Pines, and Miramar, offers a slightly more affordable alternative for those seeking to live near Miami without paying the sky-high prices.
Average Rent Prices in Broward County (2024)
While Broward County’s rent prices are still high compared to the national average, they tend to be more affordable than in Miami, particularly in the outer areas of the county. Here’s a breakdown of average rent prices in the county:
- Studio apartments: $1,500–$2,000 per month
- 1-bedroom apartments: $1,900–$2,500 per month
- 2-bedroom apartments: $2,400–$3,200 per month
- 3-bedroom apartments: $3,000–$4,200 per month
In more sought-after cities like Fort Lauderdale, rental prices are closer to Miami’s, especially in waterfront properties or areas like Las Olas and Victoria Park, which are known for their trendy vibe and proximity to the beach. Fort Lauderdale’s growing status as a business hub and its tourism sector have also led to a rise in rental rates in the area.
On the other hand, if you’re willing to move farther inland, areas like Sunrise, Plantation, and Lauderhill tend to offer more affordable rents, with some areas still hovering closer to $1,800–$2,500 for a 2-bedroom apartment.
Factors Influencing Broward County Rent Prices
- Proximity to Miami: Broward’s proximity to Miami means it’s an attractive option for people who want to enjoy the perks of living near a major city but without the astronomical rent costs. Cities like Fort Lauderdale offer a blend of beach town charm and urban amenities, which makes them increasingly popular with young professionals and families.
- Transportation and Commuting: Broward’s public transportation options and access to major highways also make it easier for residents to commute into Miami for work while living in a more affordable area. The Brightline rail system, which connects Miami to Fort Lauderdale and West Palm Beach, has also increased interest in the region.
- Increased Development: Broward is seeing significant investment in both residential and commercial development, which has raised demand for housing. However, the price point is generally lower than in Miami, as it doesn’t yet have the same density or luxury housing options.
Tips for Finding Affordable Rent in Miami and Broward
While rent in Miami and Broward is high, there are ways to find more affordable options:
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- Expand Your Search Area: While prime neighborhoods like Brickell or Fort Lauderdale’s beachfront areas can be expensive, looking in surrounding neighborhoods or slightly farther inland can lead to more affordable options.
- Consider Roommates: If you’re open to sharing an apartment, renting with roommates can significantly lower your monthly rent costs. Many young professionals and students in Miami and Broward opt for this approach.
- Look for Older Buildings: Newer developments in both Miami and Broward can command much higher rents. Older buildings, while potentially lacking modern amenities, can offer much lower rent prices.
- Negotiate: If you find a place you like but it’s slightly out of your budget, don’t hesitate to negotiate with the landlord, especially if the apartment has been vacant for a while.
- Look for Rent Specials: Some apartment complexes offer rent specials or incentives, such as one month free or reduced rent for the first few months, which can help ease the financial burden.
Conclusion: The High Cost of Living in South Florida
The rental market in Miami and Broward is competitive, with both areas experiencing high demand for apartments. Miami remains one of the most expensive cities to rent in the country, while Broward offers a slightly more affordable option, though prices are still on the rise. If you’re planning to move to South Florida, it’s essential to research different neighborhoods, be prepared for high rent prices, and consider all of your options, including sharing a space or negotiating with landlords.
Whether you choose the cosmopolitan atmosphere of Miami or the growing appeal of Broward, South Florida remains an attractive place to live for many. Just be prepared for the cost of living—because, like many popular destinations, the rent in paradise doesn’t come cheap.