Miami rents lower slightly due to supply increase

MIAMI – The rent for a one-bedroom apartment decreased by 2.1% this June as opposed to last year in Miami amid a large supply influx, according to the latest report from the rental platform Zumper.

There was a 3.9% annual increase in Tallahassee to $1,070, a 3.2% increase in St. Petersburg to $1,600, and a 2% increase in Fort Lauderdale to $2,040. Tallahassee is the most affordable in Florida.

At $2,800 this June, Miami’s rent is on par with Boston. It is among the highest in the country after San Francisco with $2,960; Jersey City with $3,290; and New York with $4,300.

The national rents increased 1.5% this June to $1,526.

Two bedrooms in Miami decreased by 2% to $3,850. Two bedrooms in Fort Lauderdale increased by 1.8% to $2,900. There was a 7.3% increase in St. Petersburg to $2,200. There was a 2.4% increase in Tallahassee to $1,290.