Aug 19, 2019 - 0 Comments - Multifamily Property -

RentCafe July Rent Report Shows Multifamily Rent Growth Slowing; Miami Shows Largest Increase in South Florida

National Average Rent in USA 2009-2019

National Average Rent in USA 2009-2019

The complete report can be viewed here. Some highlight relevant to Miami and South Florida overall include:

  • The usual suspects open the list of the most expensive areas to rent in South Florida. In July, Fort Lauderdale rents have reached $1,948, and those in Miramar, $1,886.
  • Davie is rapidly catching up, with rents averaging $1,829, boasting the largest year-over-year rent increase in Florida: $96 more compared to July last year. The month-over-month growth was $9, outpaced by only two other Florida cities.
  • Pembroke Pines saw the second largest month-over-month cost increase in the state: $12, reaching average rents of $1,785.
  • Miami rents experienced the largest increase compared to June: $13. Average rents here are now $1,729, having almost caught up to Coral Springs’ average of $1,731.
  • West Palm Beach and Hollywood both have the same rental average price in July, $1,448, this is due to the first one’s cost decrease of $12 since June, while Hollywood rents added $1.
  • Pompano Beach ($1,429) and Hialeah ($1,368) are still the places to go when in search of lower rents in Miami Metro. They have seen slow increases compared to June: $7 and $2, respectively.
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