September 2022 Miami Rent Report – by Apartment List
Welcome to the September 2022 Miami Rent Report. Miami rents remained steady over the past month. In this report, we’ll evaluate trends in the Miami rental market, including comparisons to cities throughout the metro, state, and nation.
Miami rents increased over the past month
Miami rents have increased 0.1% over the past month, and have increased sharply by 18.7% in comparison to the same time last year. Currently, median rents in Miami stand at $1,646 for a one-bedroom apartment and $2,181 for a two-bedroom. Miami’s year-over-year rent growth leads the state average of 13.2%, as well as the national average of 10.0%.
Rents rising across the Miami Metro
Throughout the past year, rent increases have been occurring not just in the city of Miami, but across the entire metro. Of the largest 10 cities that we have data for in the Miami metro, all of them have seen prices rise. Here’s a look at how rents compare across some of the largest cities in the metro.
- Pompano Beach has the least expensive rents in the Miami metro, with a two-bedroom median of $1,810; additionally, the city has seen the fastest rent growth in the metro over the past month (1.6%).
- Over the past month, Boynton Beach has seen the biggest rent drop in the metro, with a decline of 2.5%. Median two-bedrooms there cost $2,124, while one-bedrooms go for $1,914.
- Delray Beach has the most expensive rents of the largest cities in the Miami metro, with a two-bedroom median of $2,511; rents increased 1.3% over the past month and 9.2% over the past year.
Many large cities nationwide show more affordable rents compared to Miami
As rents have increased sharply in Miami, a few large cities nationwide have seen rents grow more modestly. Compared to most large cities across the country, Miami is less affordable for renters.
- Rents increased sharply in other cities across the state, with Florida as a whole logging rent growth of 13.2% over the past year. For example, rents have grown by 10.8% in Tampa and 7.7% in Jacksonville.
- Miami’s median two-bedroom rent of $2,181 is above the national average of $1,364. Nationwide, rents have grown by 10.0% over the past year compared to the 18.7% increase in Miami.
- While Miami’s rents rose sharply over the past year, many cities nationwide also saw increases, including New York City (+16.6%), Austin (+10.8%), and Los Angeles (+8.0%).
- Renters will generally find more expensive prices in Miami than most large cities. For example, Memphis has a median 2BR rent of $1,147, where Miami is more than one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S.
Methodology – Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post about the methodology on our blog.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.