Miami Rents Were Up 55% In February – Hottest U.S. Market By Far

Rental prices in Miami surged 55.3% in February compared to the same period a year ago, according to a new report from Realtor.com.

It is by far the highest increase of any metro area in the U.S.

Orlando ranked second with a 35.4% increase, while Tampa ranked third with a 32.3% rise. Austin (28.1%) and San Diego (25.4) rounded out the top five.

The median rent increase across all U.S. markets was 17.1%.

Miami’s median rental price even surpassed New York last month, possibly for the first time ever.

A broker in Miami told the website that they had never seen such a dramatic increase.

Tenants are bidding above asking prices for apartments, with rental deals done within hours of them being listed, the broker said.

An economist for Realtor.com said that the economy reopening after the pandemic may be causing more people to move to Miami.

People may now be looking to relocate to a place with better weather and lower taxes now that they feel more comfortable travelling again, the economist said.

 

(photo: Phillip Pessar)

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Anonymous
6 months ago

Nothing to be proud of. Miami it’s on is way of becoming the next LA, or San Francisco!

Anonymous
6 months ago

As dumb as our local leaders are, they could never be as dumb as San Francisco’s or the State of California’s, I hope.

Anonymous
6 months ago

So now the rents are on-par with NYC but the wages are not? Umm yeah that’s sustainable. And the job market is…what exactly? This is a trend being driven by people who can now work from home – but when that eventually changes (even if its to a hybrid model) this demand will evaporate because the Miami real estate market does not have the job market to back it up.

real estate BS
6 months ago

where will your housekeeper afford to live?

alex
6 months ago

This already happened on south beach. bar tenders, valets etc would live in those really old 2 story buildings with window ac. now those buildings are gone and people have to commute from kendall

Anonymous
6 months ago

In my guest room

Anonymous
6 months ago

No.
People are paying more in rent because they can afford to.
Miami DOES have jobs.

Missing from this article is the fact that
SALT can only be deducted to $10k in NYC….so transplants can save 10’s of thousands of dollars in taxes, why not spend an extra few thousand on a building with a pool, doorman, valet, gym, etc. Etc.

Anonymous
6 months ago

Exactly. The demographics of Miami and South Florida in general do not support this (were actually losing people). The people fleeing from NY and CA who are inflating the market right now are gonna end up eating a giant turd sandwich when the reality that this is a mostly working class metro hits. There arent enough of them to sustain this.

Azarius
6 months ago

It’s really tough out here

alex
6 months ago

The gentrification of an entire city

Anonymous
6 months ago

We need MORE gentrification! Have you seen some of the areas immediately adjacent to the urban core? Yikes.

Ariel
6 months ago

Prices are cooling at fast speed, recession in a couple months. Landlord here, crazy asking prices are over

Parking Space
6 months ago

People are sick of the Vax Passports, lockdowns, lockouts and mandates. Nothing says free like Florida thanks to Governor DeSantis. He prevented local politicians from instituting the idiocy of the left that has destroyed fair cities and livelihoods.

Smart people with $$$ are moving in, people with money are attracted to smart policy.

Original
6 months ago

So DeSantis is the reason why rent has gone up 55% in Miami?

Azarius
6 months ago

Due to his decision making policies and Miami weather plus potential yeah

Azarius
6 months ago

People want a free state less government more loopholes and corruption. And you have governors for sale who wants to be president so of course big money is moving in to a once underrated market that is now over priced for profit.

Anonymous
6 months ago

Are wages and salaries up too?

Anonymous
6 months ago

Yes. Wages are up.
The stockmarket is up.
Bitcoin is up.
I flation is up 10% +

Why wouldn’t rents be up?

Anonymous
6 months ago

Stock market is down. Bitcoin is down. Wages not keeping up with inflation at all.

Anonymous
6 months ago

Miami dade county is losing population. they say it’s as expensive as Ny city but with out the good public transportation,culture and all the attractions the big apple has to offer, so it’s not worth it. affordable housing should be the number one priority

Drac
6 months ago

“Affordable housing” is whatever you can afford.

Anonymous
6 months ago

Miami-Dade is ADDING population at an unprecedented rate.

Original
6 months ago

For every 1 person that leaves, 3 more moves in.

Anonymous
6 months ago

cite your source….. US Census disagrees with you and most sane people will believe the US Census over some anonymous Miami cheerleader

Anonymous
6 months ago

Miami-Dade lost 34,000 residents according to the US Census, but go off I guess.

Original
6 months ago

^
And gained how many?

anonymous
6 months ago

This is a net number they lost that many more than gained.

Drac
6 months ago

“People may now be looking to relocate to a place with better weather and lower taxes now that they feel more comfortable travelling again, the economist said”

So you don’t believe that statement?

Anonymous
6 months ago

Personally I believe the US Census, the closest thing we have to real facts on population numbers and trends. I don’t believe real estate pimpers and hometown cheerleaders with statements based on emotion and not statistics.

Drac
6 months ago

“I don’t believe real estate pimpers and hometown cheerleaders with statements based on emotion and not statistics”

But, I don’t understand, because aren’t these “hometown cheerleaders” getting their information from “US Census” statics?

Anonymous
6 months ago

^^^… and that is what you think? lol, there is a lot you do not understand. If course the Miami cheerleaders are not looking at the true stats, they are gulluble pollyannas like you.

Drac
6 months ago

^
Well tell me, where can I look to find the “true stats?”

Anonymous
6 months ago

Wow, and they are still cheaper than other major cities like NYC

Anonymous
6 months ago

Been cheap for too long, that the reality

Anonymous
6 months ago

Funny, but at my building in the heart of Brickell there are more units available to rent at this time (12) than last November (4-5) and the asking prices seem to have stabilized.

Anonymous
6 months ago

Which building?

Alina Perez
6 months ago

Most buildings in the Brickell area have more than 400 units, 12 available units for rent is nothing!

Zz01
6 months ago

Maybe there are more units posted for rent because the landlords have chosen not to renew at (or even near) prior rental rate, and therefore have to post the unit to MLS at current market rates. Look at the current rate vs prior rate, and days on market for these new listings.

Snowy
6 months ago

This time its different.

Anon
6 months ago

When I moved back in 2019 after living in California for 3 years I was shocked at the prices back then. Everyone is just now catching on with Miami being one of the top cities in the US right there with LA/NYC. In my opinion prices where heavily lower then legit market value. Prices are just catching up to what Miami really is.

Anonymous
6 months ago

The job market in Miami is not LA/SF/NYC. This is largely a low wage service sector economy metro. The market is being inflated by buffoons from NY and CA who think theyre getting a deal but have zero understanding of the local market. Theyre gonna end up losing a lot of money next recession when reality catches up. Its not just Miami either, its gonna happen all over the country.

ignoranymous
6 months ago

“The market is being inflated by buffoons from NY and CA who think theyre getting a deal but have zero understanding of the local market”

So Californians and New York’ers are making the owners of houses and apartments in MiamiDade county increase their asking price?

Anonymous
6 months ago

your screen name says it all lmao

ignoranymous
6 months ago

^ Gee, I wish I could be as gullible as you.

Anonymous
6 months ago

Yes because theyre idiots and paying it. If a fool shows up and offers you 40 percent more than what the house is actually worth, are you gonna say no?

ignoranymous
6 months ago

^
So you’re saying, people in Hialeah who one day woke up and found a letter in their mailbox or tacked on their door that said next month they must now pay 400 to 600 dollar increase in rent is the fault of people from California and New York?

Anonymous
6 months ago

Oh no! People in Hialeah now have to pay $1500 for an apartment instead of $900!?How awful!

Anonymous
6 months ago

yes…. fools and their miney soon to be parted

Anonymous
6 months ago

This should help to price out all the remaining entrenched riffraff that needed to go ages ago. The city still needs to do more though to remove the campers from downtown and even some parts of Brickell too

John the Floridian.
6 months ago

Bring the salaries up. If Miami is the next Los Angeles than bring the salaries up. Everyone knows these new Yorkers will be out of here once the Covid 19 situation settles down. Or they move to Arizona or California. Bring the wages up for the blue collar workers here in south Florida.

Anonymous
6 months ago

“Everyone knows… ”

We do?

Anonymous
6 months ago

i miss the good old days of brickell 2009-2015

alex
6 months ago

hell yeah. I was on the water. jet skies would wake me up saturday afternoon. upgraded 2 bed to 2 bath for $1400. Brickell Mar.

Anonymous
6 months ago

Relive them by moving to New York or California when the market crashes in the next year or two.

Anonymous
6 months ago

New York and ca aren’t going to be like brickell in 2010. There is no housing growth in those areas and they’re putting up multiple 1000 foot buildings in brickell. It ain’t the same. Making Miami like Nyc and making it harder to build is the dumbest thing ever. Stop trying to stagnate the growth of Miami to make some idiot from Nyc happy.

Snowy
6 months ago

Miami was actually a nice place to live during those years. So happy I got to experience it.

Mario
6 months ago

Wages do not match the housing increases.
Crime will go up and businesses will find it hard to find workers unless they increase wages substantially. Not sustainable.

RE Pro
6 months ago

BLACK ROCK exec’s should be in prison