Miami median rents rise in November, but fall to 9th nationally

Posted on 06 Nov 2015 in Miami What's New | 0 comments

Despite median 1-BR rent in Miami rising to $1,870/month in November (up from $1,850 in October), Los Angeles has bumped the Magic City down to ninth nationally, according to the latest report from Zumper.

graph1

San Francisco and New York pace the country at first and second, respectively, at $3,670 and $3,280 a month.

How does our median rent stack up year over year? Miami was sixth in the country in November 2014 with median 1-BR rent at $1,700/month, equating to a 10-percent rise in the past year despite the national drop. Zumper also notesonly 10 percent of the 50 major U.S. cities experienced a decline in rents in the past year, with the reasoning being two-fold: “historically low rental vacancy rent rates” and national homeownership decreasing for the 10th straight year in 2014.

graph2

For you to comfortably afford that median $1,870/month median rent in Miami, Zillow estimates you’ll need to earn $54,420 a year, after taxes and not including any monthly debts.

Leave a Reply

Your email address will not be published. Required fields are marked *