WRE News: Miami Rents Dip Slightly as Fort Lauderdale Sees Increase

Photography by on July 3rd, 2024 in News

Miami, FL – July 3, 2024 – Miami rents are seeing a slight decrease as of late, while neighboring Fort Lauderdale is on an upward trend.

In Miami, the rent for a one-bedroom apartment dropped by 2.1% this June compared to last year, reaching $2,800, which is comparable to Boston and among the highest in the country. This decrease is attributed to a significant influx of new supply. On the other hand, Tallahassee, the most affordable city in Florida, saw a 3.9% annual increase, bringing the rent to $1,070, while St. Petersburg and Fort Lauderdale experienced increases of 3.2% and 2%, respectively.

For two-bedroom apartments, Miami’s rent decreased by 2% to $3,850, whereas Fort Lauderdale’s rent increased by 1.8% to $2,900. St. Petersburg also saw a significant increase of 7.3%, reaching $2,200, and Tallahassee had a 2.4% increase, making the rent $1,290.

Nationally, rents rose by 1.5% this June, with the average reaching $1,526.