Miami surpasses Chicago for pricey rents during first quarter: report
Fisher Island maintained its spot as Miami’s priciest rental neighborhood at $4,700 a month
April 29, 2016 12:45PMBy Sean Stewart-Muniz
Night view of Brickell from the Brickell Key Bridge (Credit: EdoDodo)
There’s no doubt Miami is becoming a costly place to live, and a new report shows rents in the city have outgrown even the Windy City.
The report, authored by listing service Zumper, shows Miami has become the eighth-most expensive city to rent a home in the United States, passing Chicago, which fell to the No. 9 spot.
Of all Miami’s neighborhoods, the median price to rent a one-bedroom apartment during the first quarter was $1,900 a month. That rate grew by 8.6 percent year-over-year.
If you go by the advice that rent should take up 30 percent of your income, a single renter would have to make $76,000 annually to afford it — after taxes. For comparison, county numbers show Miami-Dade’s median income is a much lower $41,913 annually.
Two-bedroom units in Miami also commanded a high median rent of $2,900 per month during the first quarter — a rate that spiked $12.3 percent year-over-year.
Even neighborhoods like Little Haiti are becoming unaffordable: median rent there for a one-bedroom is $1,200, and the rapidly redeveloping Upper East Side has a median of $1,650 per month.
As always, Miami’s most expensive rental neighborhood is the exclusive Fisher Island, where one-bedrooms go for a whopping $4,700 a month. On the flipside, Miami’s cheapest neighborhood is Brownsville where median rents stood at $650 a month during the first quarter.
While Miami is quickly rising through the ranks of pricey places to live, it’s nowhere near as expensive as San Francisco, the country’s most expensive rental market. That city has even eclipsed New York with median rental rates of $3,590 a month for a one-bedroom.
Check out the full map below:
(Click to enlarge)
Source: The Real Deal