Miami Apartment Rents Rise 20% in One Year: Report
As monthly apartments rents rise across the country, Miami outpaces the nation.
Miami’s monthly rents rose a whopping 19.9 percent between August 2021 and a year prior, according to a newly released report by ApartmentList. That’s more than six percentage points higher than the rise nationally, which stands at 12.4 percent.
Miami’s growth is undoubtedly due to large companies, such as Blackstone and Point72 Asset Management, opening up offices and having their wealthy employees relocate. In Miami, the number of listing for tech jobs, famous for their high salaries, grew faster than any other major U.S. city last quarter. Not to mention the lack of state income tax.
Rates in the Magic City are trickling close to that of other cities that are notorious for expensive housing. Renting a two-bedroom unit in New York costs $2,070 a month, only $139 more than Miami’s new median of $1,930. In Seattle, they’re only $170 more than those in Miami.
While impressive, Miami’s rate pales in comparison to that of Tampa, which rose 29.4 percent since last August, and 4.4 percent in August alone, making it the city with the third-fastest growth rate in the country. A two-bedroom apartment in Tampa will set renters back $1,691 a month.
But, Tampa is not alone. Jacksonville and Orlando experienced impressive and larger spurts than Miami, growing by 23.4 percent and 21.2 percent, respectively. Miami’s growth also lags behind the entire state. Monthly rents across Florida rose by 22.6 percent in the last year.
Still, Miami remains the Sunshine State’s most expensive major city. The median rent for a two-bedroom unit stands at $1,931 a month. Within Miami’s metro area, Miami Beach and Boca Raton are some of the most expensive cities, where monthly rents for two bedrooms stand at $2,530 and $2,420, respectively.
Other South Florida cities saw growth rates higher than Miami’s, with Palm Beach Gardens leading the region with a 39 percent increase in rent since last year.
Julia Echikson can be reached at email@example.com.