There’s no denying that rent costs in South Florida are notoriously high, but what if we told you that residential rent across the region has decreased since November?
In the latest Miami Metro report by Zumper, a real estate marketplace company, rents in cities across Miami-Dade, Broward and Palm Beach counties saw drops of 1% to 15% compared to the same period last year. The company analyzed median asking rents in November 2023 and November 2022 for the most populated cities in the tri-county area.
According to the report, rents fell the most in Sunny Isles Beach (14.4%), Plantation (10.1%) and Dania Beach (10.1%) for one-bedroom units. For two bedrooms, Aventura (14.5%), North Miami (10.4%) and Fort Lauderdale (5.7%).
Rents stayed about the same (as in less than a 1% change) in cities like Miami Beach (0%), Aventura (0%), Hallandale Beach (0.5%), Coral Springs (0%), Oakland Park (0.6%) and Homestead (0%) for one bedrooms. For two bedroom rentals, Miami (0.6%), Doral (0%), Plantation (0.8%), Davie (0.4%), Coral Springs (0%), Oakland Park (0.5%) and West Palm Beach (0%).
However, some cities saw rents rise. Rents went up the most in Hollywood (11.8%), Coral Gables (9.4%) and Hialeah (7.4%) for one-bedroom rentals. For two bedrooms, Miami Gardens (14.3%), Hollywood (9.2%) and Sunny Isles Beach (7.9%).
Why is this happening?
In an interview with the Miami Herald, Zumper data analyst Crystal Chen explained that migration patterns and increased supply of rental listings drove down rents. And the trend is expected to continue, with rents projected to fall further or remain steady for most of South Florida through the first half of next year.
“It is a renters’ market,” she said, “and renters are in the driving seat. Good news for them since rents are coming down a lot.”