Florida rental costs see sharp decline; Miami among nation’s biggest fallers

by | Dec 7, 2023



  • Florida’s rental market, and Miami in particular, has experienced significant year-over-year declines, with the state seeing a 4.84 percent decrease and Miami experiencing a 9.72 percent drop in rental prices, positioning it as the second-largest decline among U.S. metros.
  • Despite the declines, Miami’s rental market remains one of the most expensive in the South and nationally, with current asking rents averaging $2,950.
  • The trend of falling rental prices in Florida mirrors a broader national shift, as cities like Boise, Idaho, and Portland, Oregon also experience significant decreases in rental prices, indicating a return to more traditional market behaviors.

Florida’s rental market has experienced year-over-year declines, aligning with national trends but standing out in the extent of its decrease, a recent data report shows.

As of November, Florida holds a median rent price of $2,119 and registered a 4.84 percent year-over-year decline in asking rental prices alongside a 1.7 percent month-over-month downturn. The Miami metro area, in particular, has seen depressed rent prices, plummeting by 9.72 percent year-over-year,  and positioning itself as the second-largest decrease among U.S. metropolitan areas.

“Prices in the Miami, FL metro dipped by -9.72 percent, the second largest yearly decline among metros,” the report states. “Despite its steep drop, asking rents in Miami is the seventh highest among metros in this study.”

Despite the decline in cost, Miami’s rental market remains one of the costliest in the South, with current asking rents averaging $2,950, which places Miami as the seventh most expensive metro nationally.

Miami’s faltering rental prices mark a strong shift from the year prior when it led the nation in rental housing cost increases through the first few months of 2022, increasing at a clip of 38.6 percent, on average. Underscoring the city’s stable standing as a high-cost-of-living metro region, a separate August study found that 53 percent of households in Miami dedicate at least 35 percent of their income to rent.

Other cities following the trend of lower prices include Boise, Idaho, and Portland, Oregon, both of which were found to have quickly depreciating rental markets. Boise, in particular, has been affected by a cooling trend after a period of heightened demand and increased migration, leading to a 7.49 percent decrease in asking rents. Portland’s rental market has similarly contracted, with its decrease exceeding 10 percent.

The Florida figures are part of a broader trend observed across the United States, where rental markets are adjusting post-pandemic and returning to more traditional, seasonal pricing patterns.

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