Fastest, slowest growing rents in South Florida
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Illustration: Aïda Amer/Axios
The South Florida rental market has cooled after experiencing huge rent hikes coming out of the pandemic.
The big picture: The median rent in Miami has fallen since 2024, though it still exceeds the statewide median of $1,593, according to a report from Zumper.
- Even South Florida's least affordable cities have seen rents fall since last year.
What they found: 1-bedroom rents in Miami, Miami Beach, Doral, Aventura and Fort Lauderdale all declined year-over-year in June, per Zumper, though median rents are still at or above $2,000 in these markets.
- Rent for a 1-bedroom apartment in the city of Miami was down 3.6% in June, but the median rent in the city tops the entire metro area at $2,700.
Zoom in: The biggest annual rent declines were in Broward County.
- Dania Beach's median rent fell 14.3% to $1,800 for a 1-bedroom apartment.
- Hallandale Beach saw median rent drop 10.8% to $1,900.
- Hollywood had the third-largest decrease with 9.8%, bringing its median rent to $1,850.
Budget-friendly: These were the most affordable median rents in South Florida last month:
- Margate ($1,500)
- Miami Gardens ($1,590)
- Lauderhill ($1,600)
- Lake Worth ($1,600)
What they're saying: Rents in cities like Miami and Miami Beach "have been softening due to a surge in new supply hitting the market," Zumper spokesperson Crystal Chen tells Axios.
- "Vacancy rates have crept up as a result, giving renters more options and slightly more leverage," Chen wrote in an email.
On the flip side, the surrounding suburbs in cities like Davie and Tamarac "haven't experienced the same level of new construction, so rent trends there remain more stable," Chen says.
- "They're also likely absorbing overflow demand from renters looking for more space or affordability, as prices in these areas are significantly lower than in Miami's urban core."
