Miami eighth most expensive rental market in America
Priciest neighborhood was Fisher Island at $4,650 a month
October 29, 2015 04:30PMBy Sean Stewart-Muniz
An aerial view of Miami
Despite prices declining slightly in recent months, Miami was the eighth most expensive rental market in the country during the third quarter of 2015.
The ranking, formulated by listing service Zumper, looked at median prices for one-bedroom and two-bedroom apartments in cities across the country.
The median price for a one-bedroom apartment in Miami as a whole was $1,850 a month: slightly higher than Los Angeles at $1,840, but a far cry from the $3,620 per month renters pay in San Francisco.
For a two-bedroom rental, the median price was $2,500 per month — half of the $5,000 median price in San Francisco.
Prices for both types of apartments are down by just over 1 percent month-to-month, but that could be chalked up to a seasonal change: One-bedroom prices are up 5.7 percent and two-bedrooms are up 4.2 percent year-over-year.
Here is where the data gets interesting: prices vary wildly depending on what part of Miami you’re in. Fisher Island, for instance, fetches a median price of $4,650 per month for a one-bedroom, while Liberty City has a median price of $740.
Popular neighborhoods for rentals such as Brickell and South Pointe in South Beach, had rates of $2,100 and $2,230, respectively.
Check out a map of rental rates by neighborhood below:
Source: The Real Deal