Pompano Beach in northern Broward County had the highest rent increase in the country over the past year. The apartment buildings for rent in the city had an average 11% increase in lease payments per month, from an average $1,377.72 to $1,548, according to a study by the Santa Barbara-headquartered residential rent listing company RentCafé. The company collected data for its listings of multifamily buildings with over 50 units across the 260 largest metro areas in the country, including the Miami metro area, which includes Miami, Fort Lauderdale and West Palm Beach.
Rent also grew in other cities in Miami-Dade and Broward counties from March 2019 to March 2020. Aventura followed Pompano Beach, with a 8.9% year-over-year rent increase. Rent averaged $2,110 in March 2020. Deerfield Beach and Tamarac tied with 5.9% rent growth, with rent averaging $1,467 and $1,491, respectively.
Some South Florida cities experienced minor dips in rent. Doral and Hollywood tied with a 0.7% drop in rent, and Miami Beach saw a 0.1% drop. In Doral, rent averaged $2,015 in March 2020, from $2,029 in March 2019; in Hollywood, $1,466, from $1,476; in Miami Beach, $1,993, from about $1,994.