MJP –
The cost of living in South Florida usually heads in one direction: Up. But apartment hunters have reason to rejoice.
Rents have been on the decline for the past two years.
You read that right. In the land of soaring real estate prices — the cost of a house, the soaring association fees for condo owners — rents are down in Miami-Dade, Broward and Palm Beach.
The three South Florida counties have a median asking apartment rent of $2,376 a month as of October 2024, according to the latest rent data from Seattle-based real estate company Redfin.
That’s 4% lower than a year ago, when the median asking rent hovered at $2,470. And that figure was down from $2,560 in October 2022.
The Redfin rent analysis covers most apartments, from studio to three bedrooms.
The median U.S. asking rent of $1,619 was stable in October, according to Redfin. But it comes down to this across the country: The rent you pay depends on where you live. Some metro areas are seeing double-digit increases while other areas are seeing double-digit decreases.
The South Florida rent prices are from data gleaned from Redfin’s rental listings from August through October for apartment buildings with five residences or more. The data doesn’t include condos for rent or single-family houses for rent. Condo rents could be affected by higher association fees and assessments. And prices for single-family homes hit an all-time high this year in South Florida.
Why is rent in Miami and Broward falling?
What’s behind the fall in rents?
Developers keep building, surpassing the level of demand, said Daryl Fairweather, chief economist at Redfin.
“Florida benefited from remote work during the pandemic because of the lifestyle, but then with all of those people rents went up,” Fairweather said. “Development increased to meet demand, which brought up inventory and mitigates rent increases.”
Hit Rental Market: The 3 New Jersey Cities With the Highest Rents
Rents may be on the decline, but people who live in South Florida are still among the most rent-burdened anywhere. Wages and salaries generally fail to keep up with the cost of living in the region.
And while rents have declined year-over-year, the trend might swing the other way in 2025.
“Demand for rentals will continue to decline, but I don’t know if prices will decline,” Fairweather said. “We might not have affordability gains, because it’s becoming more expensive to manage and own apartment buildings in Miami.”
Tips to get the best rent
For now, renters renegotiating a lease or searching the market have the advantage.
Renters could get a sweeter deal when talking to the management company or landlord and comparing other cheaper rents for similar-sized apartments.
“Do your research,” Fairweather said, “and come with data when talking to your property manager. You could save money by going elsewhere.
“Usually property managers will want to keep people instead of having a unit vacant,” she said. “Coming with data could be really powerful.”
