Thanks to the abundant amount of apartments available, it is now cheaper to rent in Miami than in Fort Lauderdale. From January 2020 to January 2021, the median rent in Miami slid by 9.1% while Fort Lauderdale’s median rose by 3%. In other words, Miami’s median is at $1,600 per month for a one-bedroom, while Fort Lauderdale’s is $1690.
Across the country, high rent prices are forcing many people in big cities to relocate to smaller, cheaper ones. According to the experts, this trend is also beginning to appear in Miami. Therefore, rent is going down since demand diminishes when people move away. As a result, for the first time in years, rent in Miami is cheaper than in Fort Lauderdale. In Miami, many units are owned by investors, while in Fort Lauderdale that is not often the case. According to experts, investors looking to buy units to rent in the area usually turn to Miami, even though in Fort Lauderdale there is less competition. However, the price growth in Fort Lauderdale might appeal as a good driver of investor interest.
Miami and Fort Lauderdale both remain as two of the top 15 most expensive cities to rent. Although rent also went down in a lot of major big cities, many people still look to move to South Florida. Especially now, South Florida’s weather, beaches, and overall lifestyle appeal to people from all around the country.