Apartment Rents In Miami Are Up 36% Over The Past Year, Highest Nationwide

Another study confirms that Miami ranks first nationwide for apartment rent price growth over the past year.

Real estate website Redfin reported last week that rents rose 36% in Miami over the past year – more than any other metro area.

West Palm Beach and Fort Lauderdale also saw a 36% increase.

Miami is far outpacing the nation for rent prices. On average, the U.S. as a whole saw a 13% rent increase during the same period.

A separate study by Corelogic earlier this month also showed Miami ranked first nationwide for rent increases over the past year.

However, the Corelogic study said Miami’s gains were smaller – up 25.7% between September 2020 and September 2021.

Newly built apartment towers in Miami are reporting being 100% leased even before opening – including Melo Group’s giant Downtown 5th, which has 1,042 apartments in twin 53-story towers. The project opened over the summer.

 

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Azarius
1 month ago

It’s crazy and they’re not making more money!!!

Budding Bureaucrat.
1 month ago

I feel like this can be clickbaity to get a rise out of people. Like didn’t prices tank last year? If so, comparing this to two years ago could make it seem less bad.

The Miami context could mean its different. I also take back a bit of what I said last time, although I believe more resources should be provided for workforce housing. these apartments are flying like hotcakes anyway at the prices they’re at so I wonder what Miamians consider unaffordable.

Anonymous
1 month ago

Time change and it really sucks for those of us that don’t own, but it was bound to happen. The city has been improving at a drastic rate since the early 2000s but not many people outside Miami were aware. Now the whole world is knows, hopefully this brings more better paying jobs and developments get built at a faster rate.

Budding Bureaucrat.
1 month ago

I am optimistic! Miami is going to keep getting better. Hopefully, Miami never loses its pro-development spirit. I rather have this than the alternative.

Anonymous
1 month ago

I lived in CA from 2016-2019. When I moved back to Miami (2019) I was shocked at how low/affordable property was even in Downtown/Miami Beach compared to CA. The only real difference I could point to was the jobs in CA are on a higher tier than in FL. Now that more high-end jobs are allowing for long term remote work, all the people in CA/NY/WA who’ve seen their rent/property ballon are moving to places like TX/FL which I believe have had an undervalued market given the comparison to other major cities. If the trend of remote work holds, I don’t see these prices going down at all, having the perks of Miami area and CA/NY pay makes it a no-brainer.

Native Miami
1 month ago

You were only shocked because it was thousands of you from CA/NY who seen the low prices about 5 years ago….Now the rent is just gonna equal out to CA in a few years : /. But it doesn’t matter because people will be moving inland if the city of miami doesn’t get a hold of the flooding a.k.a global warming LOL.

Anonymous
1 month ago

Amazing news for Miami’s homeowners!!

Anonymous
1 month ago

I thought Miami/Ft Lauderdale/WPB were one metro area.
They’re listed separately here.

Anonymous
1 month ago

So is Nassau County and Newark to the New York metropolitan area.

Five dollar Joe.
1 month ago

So is everything else.
The inflation is real Joe.

Anonymous
1 month ago

Meanwhile, the Fed told us to eat soy instead of turkey. Next year it’ll be bugs.

Anonymous
1 month ago

The insect population is on the extinction danger list. Supply and Demand…you can’t afford that either.
I had to sell my mold/mycotoxin house just before the housing market exploded. I can’t buy my own house back, not that I wld. I moved to a 2019 built then 2020 lux apt bldg and both professionally tested as having toxic mold. Common here: Aspergillus Penicillium and 2 varients each bldg. (Miami mold remediators don’t know how to remediate. They leave a SBS behind..mycotoxins. That heavy damp air wasn’t building material curing. I can’t $$ responsibly rent a studio. I believe this 30% of net income w the extra expenses is a price gouging ploy even though real estate pricing is immune to price gouging.

Native Miami
1 month ago

This is ALL the kickback from COVID. From the stimuluses to the dropping in rates. I HATE people that doesn’t know economics, are blaming Joe when he just literally stepped into place. Yes we can blame a little bit on T man from preventing this BUT it comes down to the fact our country is ran on borrowing! When no revenue was coming in these gas companies , housing agencies, and many others were going negative….WHAT you thought?? That these companies wasnt gonna try get their money back? LOL look at the truth! Maybe 2022 they’ll be done bending us too far over :/

Anonymous
1 month ago

Live in paraíso bayviews landlord just raised rent from $1950 to $2800 shit is out of control

Anonymous
1 month ago

This data doesn’t tell the full story. Many apartment buildings were 30% off and offering crazy incentives to fill spaces from June until December 2020. It wasn’t until January / February that things started to turn around.

As a result, this ‘jump’ is a return to normal pricing with a small bump.

Azarius
1 month ago

That’s not true I’ve been in Miami all my life and rents have never been this high. Miami has never seen bidding wars on apartments! I know this from experience. 1600 to 2300 for a 1/1 isn’t a small bump in rent

Anonymous
1 month ago

What’s happening is Miami has become known, in no major city in the US could you get a 1/1 for 1600 in downtown. The only cities were rent is that cheap is in dying cities like St louis. Miami was overbuilt before COVID that’s why you could get a beautiful 1/1 made within the last 5 years for under 2k, but that is no longer the case.

Azarius
1 month ago

I understand that. Miami has always had a over supply of available housing that what made the market favorable before but that doesn’t take away nor justify the quick spikes in rent. that jump happened in a 4-6 month spans of time. Miami was unaffordable to its local residents then so now it’s even worse!! And then you have people who go ol well get a better job, work harder, as if it’s just that simple and it’s not

Anonymous
1 month ago

Yes some people will make more money and be able to afford the higher rents but many will not. The city really needs to build a better mass transit system, that way people can live farther outside the city which is cheaper. Miami is building apartments and condos but that can only do so much and most of those in the city core will go to higher earners.

Anonymous
1 month ago

What I have noticed is that its not cheaper further outside the city. You just get more for your money but the prices are the same as downtown / brickell.

For example 2K will get you a studio in brickell but you won’t find anything cheaper than 2k in kendall. It will be a 1/2 or something like that but it will still be 2k.

For cheaper you have to find a motel or someone that made a studio on the back of their house.

Anonymous
1 month ago

When you don’t have rent control, it’s easy to prey on the renters. That’s why we’re seeing outrageous prices. It’s a shame!!. It’s not the Floridians that can afford the prices.

Anonymous
1 month ago

^^lame

Anonymous
1 month ago

SOURCE?

Anonymous
1 month ago

Apart from Jacksonville and Austin, rent is rising everywhere people have been leaving the past year. Correlation doesn’t mean causation.

Dro
1 month ago

Wait til next year when companies say work from home ok 2 or 3 days a week. Mass exudps out of Miami. Rent and real estate prices will come back down to earth. People who bought at ridiculous prices will feel the pain when they have to move back to states with high paying jobs.

Anonymous
1 month ago

when since FLL and WPB are all individual metro areas separate from Miami. This sounds ridiculous. These writers just manufacture new scope and space and terminology to fit whatever point they need to make. In another article where it is advantageous to include the entire Tri-County area they will say the Miami metro this and the Miami metro that.

Anonymous
1 month ago

Or… South Florida since that’s the common nickname anyway for the Miami Metro Area.