Miami jumped one spot last month to become the 8th most expensive rental market in the nation. One bedroom units increased 3.3% to a median price of $1,900, while two bedrooms rose 1.5% to a median of $2,900. Over the past year, rents for both bedroom types have each appreciated over 8%.
At a median rent price of $4,700, Fisher Island was the most expensive area to rent in Miami last month. The next priciest neighborhoods, in the $2,500-$2,800 range, were Park West, Venetian Islands, and City Center.
More affordable areas along the Miami coastline included Northeast Coconut Grove ($1,600), Tahiti ($1,620), and Upper East Side ($1,650). Moving toward the northwest portion of the city, rentals could be found for less than $1,000 a month in neighborhoods such as West Little River, Gladeview, and Brownsville.
If you’re interested in how Miami stacks up against the rest of the U.S., check out Zumper’s most recent National Rent Report, which analyzes over 1 million active listings available in the prior month.
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