"One of the most expensive cities for renters is Miami, where rents, on average, consume 43 percent of the typical household income, up from a historical average of just over a quarter." Source: New York Times
We didn't want to sugar coat it. The average rent in Miami is pretty darned high.
The average rent in Miami is about $2,200 — keep in mind that's split between two people (on average per household).
Now that we've probably scared the crap out of you, let's get you started with a quick glance at rent prices across some of Miami's neighborhoods. The good news is that there are affordable neighborhoods in Miami that are substantially below the average rent. Check it out:
And here's an awesome graphic featured in Curbed Miami — a local real estate news site — that shows the average rents for 1-bedroom apartments along the MetroRail (Miami's main mass transit system).
Source: Curbed Miami
Trying to maxmize on affordability?
Having just one roommate can save you 20-25% on your living costs.
These savings come primarily from splitting the rent for a 2-bedroom apartment instead of taking on the rent for a 1-bedroom or studio by yourself. Check out the breakdown below! If you want to really save, consider having more than one roommate and living in a little less convenient of a neighborhood and you could be saving 60%+ on your rent.
And a parting "heads up". Things aren't getting much better either.
According to an April 2014 article from the New York Times, Miami rent as a share of income has increased 65%.
Source: New York Times
Some neighborhoods in the Miami area have even seen rent prices increase 20-30%, according to a local market report from Zillow.
Still planning your move or still figuring out where you want to live in Miami?
In this article, we cover everything from the cost of living to how to move your stuff from where you are now to your new home in Dade County. Just click the image below to check it out!
There are no "best neighborhoods in Miami". Everyone has different preferences and circumstances. We've laid out some popular neighborhoods for three different groups — young professionals, families and U Miami students — and offered some details on why they may make sense. Check it out below!