As Florida’s housing market continues to see fluctuation due to cooling condo prices, one market that remains pricey is the rental market in Miami. An article in South Florida Agent Magazine cited recent data in a national rental report from Zumper, a digital marketplace for renters and property managers, which ranked Miami as the 6th most expensive rental market in the nation.
According to Zumper’s National Rent Index, last month the median rent for a one-bedroom apartment remained steady at $1,534, while the median rent for a two-bedroom apartment decreased by 0.4%, bringing it to $1,902. In Miami, the median rent for a one-bedroom apartment was $2,600 in November, which reflects a decrease of 3.7% from October but remains unchanged from the previous year. The median rent for two-bedroom apartments dropped by 5.6% since October and 4.3% compared to 2023, settling at $3,350.
Zumper attributed the decline to a seasonal shift, as November usually marks the beginning of “low demand months,” when most renters have already secured properties and landlords reduce prices to fill vacancies before the holidays.
“Our national rent index showing flat-to-declining monthly rates is a clear sign of a shift into the slow moving season,” said Zumper CEO Anthemos Georgiades. “We anticipate that national rents will continue to see modest declines through the rest of this year and likely into the beginning of next year as well.”
