Apartments for Rent in South Miami, FL - 99 Condos & Other Rentals | Zumper (2024)

FAQs

Why is rent so high in Miami now? ›

Realtor LaTaryn Edington Gay said another factor in rent increases is that "insurance is going up and, I think rent or renters are paying the price for owners insurance going up." Edington Gay specializes in luxury real estate. She said while it's not a renter's market, would-be renters should feel a little hopeful.

The 40x Rule

This guideline says that the household income must be at least 40 times the monthly rent. For example: if rent is $3,000 for a 2 bedroom, then you and your roommate must make at least $120,000 combined. This assumes your credit is solid and there are no other red flags.

While we cannot guarantee that every apartment is negotiable, there are cases where you can get a lower rent. As in every other sort of business transaction, there is often room for rent negotiation for Miami apartments, even in the city's most sought-after neighborhoods.

How has the rent in Miami, FL changed in the last year? The median rent price in Miami, FL for August 2024 is $3,200. This is $200 less than August 2023.

Will rent go down in 2024, Florida? The short answer is yes. Statistics show that the rental rates in Florida have been decreasing throughout 2023. According to DSNews, single-family rental rates have been falling for 15 months consecutively throughout the country.

What is the average rent in Miami, FL? As of August 2024, the average rent in Miami, FL is $2,083 per month. This is 36% higher than the national average rent price of $1,536/month, making Miami one of the most expensive cities in the US.

The lowest rental rates are usually found between October and April, particularly right after the December holiday season. Fewer people are interested in moving—the weather's bad, schools are in session, etc. So individuals renting between the months of December and March typically find the best rental bargains.

Can my landlord raise my rent $300 dollars near Miami FL? ›

In Florida, including Miami, there are no specific state laws limiting the amount by which landlords can increase rent. Landlords in Florida can raise the rent at any time, as long as they provide reasonable notice to the tenants.

Renters can negotiate with landlords on rent prices for new or existing leases. Before negotiating, research rent prices and property availability in the area. Compromising with landlords on lease length in exchange for a cheaper monthly rent is one potentially successful negotiating tactic.

Miami is a very competitive and expensive housing market, as it has very few homes and apartments to fill the high demand of the city. Migration to the city on the account of a good location, appealing lifestyle, and strong job market is taking its cost with a high cost of living and rent.

According to Creditnews Research, the percentage of Miami neighborhoods considered unaffordable for average families grew by 34.7% during the COVID-19 pandemic.

Miami's rental market "is slowly cooling down" after a blistering hot year, according to Zumper's Annual Rent Report, which draws on data from 2023 to make predictions about 2024.

Why is renting in Florida so expensive? Demand. Florida has seen an influx of new residents in the last few years, even getting named the fastest-growing state in 2022.