This month, Miami tied with Honolulu to rank as the 9th most expensive rental market in the nation. The price of one bedroom units remained flat at $1,800, while two bedrooms fell 2% to $2,450.
While Upper East Side and Bayshore had some of the fastest growing rents since last quarter, both up over 13%, Little Haiti and Allapattah had the largest rent dips, both down over 11%.
On Miami Beach, South Pointe ($2,300) and Oceanfront ($2,250) were the most expensive neighborhoods to rent this summer. Across the water on Miami, Park West ($2,375) and Brickell ($2,100) were the priciest areas.
On the other end of the cost spectrum, Normandy and Normandy Shores had the most affordable rent on Miami Beach, while Brownsville and Gladeview were the least expensive on Miami.
Meanwhile on Coral Gables, Industrial Section ($2,150) and Southwest Coconut Grove ($2,100) were the priciest neighborhoods to rent this season. More affordable rentals in this city, priced at less than $1,600, could be found in Tahiti, Hammock Oaks, and Flagler.
If you’re interested in how Miami’s rents compare with the rest of the nation’s, check out Zumper’s August National Rent Report, which analyzes over 1 million active listings available in the prior month.
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For a refresher on how we analyze our rental data, view our methodology blog post here.
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