Florida Rent vs. the 50 U.S. States
In our National Rent Report, we analyze rental trends on the municipal level. Beginning this month, we started analyzing rent on the state level for Texas, and now Florida.
The state of Florida has the 12th most expensive one-bedroom rent at $1,100, compared to the other U.S. states.
Rent Trend: Florida Median Rent
When analyzing Florida month over month rent, we see that Florida one bedroom median rent decreased 6.8% from $1,175 in March to $1,100 April, while two bedroom median rent decreased 3.3% from $1,395 to $1,350.
It was 15.8% more expensive to rent a two bedroom versus a one bedroom apartment in March, while it is 18.5% more expensive in April.
Rent Trend: 35 South Florida Cities
We decided to specifically analyze rent in South Florida, so we could compare rent trends in a hyperlocal area. The median rent for a one bedroom apartment in South Florida is $1,290, which is 14.7% more expensive than median rent for a one bedroom apartment in the state of Florida.
Looking closer at the city level, Key Biscayne has the most expensive rent for a one bedroom apartment at $2,620. Other expensive rent prices for a one bedroom apartment in South Florida include Wellington at $1,950, which is 25.6% cheaper than rent in Key Biscayne, along with Sunny Isles Beach at $1,840, and Coral Gables at $1,830.
The lower range of rent in South Florida include Lauderhill at $900, Oakland Park at $950, and Miami Gardens and Margate at $1,000.
6 Month Rent Trend: Top 5 Most Populous South Florida Cities
One bedroom median rent has increased in four cities we analyzed, and has remained constant in one city. Miami rent increased 5.6% since November to $1,800, Miami Beach increased 6.1% to $1,800, Fort Lauderdale increased 8.5% to $1,530, Boca Raton increased 8.5% to $1,420, and West Palm Beach remained constant at $1,050 when comparing November to April one bedroom median rent.
Fort Lauderdale and Boca Raton have the largest increase in 6-month rent — a 8.5% increase, though Miami and Miami Beach tie for having the most expensive rent at $1,800.
Miami and Fort Lauderdale are the only two cities who did not have a decrease in rent month-over-month over the past six months. Miami one bedroom median rent increased 2.9% to $1,750 in January, and increased another 2.9% to $1,800 in April. Fort Lauderdale increased 3.4% to $1,450 in January, and increased 2% to $1,530 in April.
Rent Trent: Top 10 Most Expensive 1 Bedroom Median Rent in South Florida
The most expensive city in South Florida to rent a one bedroom apartment is Marathon, where one bedroom median rent is $2,500. One bedroom median rent in Marathon is 56% more expensive than the median one bedroom rent in the state of Florida at $1,100.
Looking at the expensive South Florida rent prices as a whole, we see that rent in Marathon is 36.4% more expensive than in Aventura — the city with the 10th most expensive rent. Additionally, rent in Marathon is 12% more expensive than in Surfside, which has the 2nd most expensive rent in South Florida at $2,200.
Other cities in our most expensive category include Medley at $1,880, Key West at $1,720, and Doral at $1,640.
Rent Trend: Top 10 Cheapest 1 Bedroom Median Rent in South Florida
While South Florida has expensive monthly rental prices, there is 71.6% range for people with a smaller budget. As we previously analyzed, Marathon has the most expensive rent in South Florida at $2,500, while Cutler Bay and Florida City tie for having the least expensive rent in the region at $710.
Specifically analyzing the lower South Florida rent spectrum, rent in Cutler Bay and Florida City is 35.5% cheaper than median rent in the state of Florida.
Other notable low monthly rental prices in South Florida include Homestead at $790, Lauderdale Lakes at $830, and Greenacres at $900.
South Florida Rent Data
Top photo courtesy of Flickr user Matthew Paulson.
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