According to a recent study, now is the time to consider renting in Miami . The Zumper Miami Metro Report released their findings in April, after analyzing 56,000 active listings in 18 cities. Miami, Miami Beach and Hollywood (FL) had the biggest decreases for one and two-bedroom apartments.
Renters Have Reason to Celebrate
The absolute cheapest apartments can be found in Homestead, where a one-bedroom goes for $890 and a two-bedroom for $1,250. Real estate blogger noted that Homestead’s rent is also growing faster than most, with a 3.5% change just from the previous month. Miami offers the highest rent at $1,800 for one bedroom and $2,500 for two, but it faced a 5.3% yearly decrease from the year before. With rents ranking towards the middle, Hollywood saw the sharpest yearly decline at 14.4% and 15% for one and two bedrooms respectively.
The Zumper report also highlighted other cities with the highest and lowest rents. As one might expect, Miami Beach ranked second-highest with $1,700 for one bedroom and $2,700 for two bedrooms. It endured a drastic yearly decrease of 10.5% and 8.5%. Boca Raton, while priced just under Miami and Miami Beach with rents for $1,630 and 1,770, maintained a major yearly increase at 14.8% for one bedrooms. (However two-bedrooms only rose 2.3%.) Cities on the lower end, such as Davie ($1,200 and $1,490) and Pompano Beach ($1,200 and $1,510), enjoyed two of the biggest yearly increases for one bedrooms. Davie jumped ahead with 15.4%, while Pompano Beach grew at 10.1%.
An Expected Turn of Events
This report follows a Miami New Times Article posted this time last year. Miami had one of the most severe rent decreases between April and May 2016. The article says this is due to Miami’s flooded real estate market. With young people preferring to rent instead of buying, developers are meeting their needs with new apartments.