WRE News: South Florida Sees Unexpected Drop in Rental Costs

Miami, FL – December 18, 2023 – Despite a seemingly endless rise in housing expenses, South Florida witnessed a decline in residential rents during November.

The latest Miami Metro report by Zumper revealed that rents in Miami-Dade, Broward, and Palm Beach counties have decreased by 1% to 15% compared to the same period last year. Rents fell the most in Sunny Isles Beach (14.4%), Plantation (10.1%) and Dania Beach (10.1%) for one-bedroom residences, and in Aventura (14.5%), North Miami (10.4%) and Fort Lauderdale (5.7%) for two bedrooms. This unexpected shift is attributed to factors such as migration patterns and an increased supply of rental listings, resulting in a renters’ market where tenants are now in control. The trend is expected to persist, with rents projected to either continue falling or remain stable in the first half of the coming year.