Normally, rent studies and surveys conducted in Miami come to one sweeping conclusion: this city is too damn expensive. And that is still, largely, true. But the latest summer 2017 study from the folks at Zumper pivots from that narrative in a very interesting way.
Rent has actually dropped in certain Miami neighborhoods that were once might pricey, Curbed Miami points out. Brickell downtown and Edgewater have all dropped in price since summer 2016. Edgewater experienced the sharpest decline of the three at -8 percent. But it’s South Beach that’s seen the highest decrease in rent in certain areas. Two chunks of South Beach, West Avenue and City Center, fell the most. West Avenue dropped ten percent and City Center is down 15 percent.
Median rent, according to Zumper, is now cheaper in downtown than it is in West Avenue, South Beach.
But before you get too jazzed up and go buying houses left and right, know that Miami is still the ninth most expensive rental market in the United States of America. And, sadly, cheaper still doesn’t equal cheap.
Want more? Sign up here to stay in the know.