Miami’s Asking Rents for a 1-Bedroom Apartment Among Highest in Nation, New Report Says

Good news for those searching for an apartment in Miami: According to a report released today by apartment-listing site Zumper.com, the median asking rent for a one-bedroom apartment in the Magic City in June was $1,800, down 5.3 percent from the asking rent a year ago. The asking rent on a two-bedroom unit was $2,500, down 3.5 percent over the same period.

According to Zumper, asking rents in Miami are down due to a new supply of apartments hitting the market over the past year.

Miami was ranked the ninth most expensive market for a one-bedroom unit in the July edition of the Zumper National Rent Report, which analyzes rental data from over 1 million active listings across the United States. The most expensive market is no surprise: San Francisco, where the median asking rent for a one-bedroom apartment was $3,450 in June.

In Fort Lauderdale, the average asking rent for a one-bedroom unit in June was $1,540, up 0.7 percent year-over-year. The average asking rent for a two-bedroom was $1,900, down 6.4 percent from June 2016.

Demand for apartments in South Florida—and across the country—is forecast to remain strong due to continued household formation and a lack of affordable housing, especially for single-family homes. A recent study commissioned by the National Apartment Association and National Multifamily Housing Council found that at least 4.6 million new apartments need to be built in the United States by 2030 in order to meet the expected increase in demand.