City Description
Miami is a coastal city located in southern Florida, known for its beaches, diverse culture, and vibrant nightlife. Some of its most famous landmarks include South Beach, Little Havana, and the Art Deco District. The city is also home to several museums and art galleries, including the Perez Art Museum and the Institute of Contemporary Art.
The population of Miami is diverse, with a significant Hispanic population, as well as a large number of retirees. The city has a tropical climate and is a popular tourist destination, with many people from around the world visiting its beaches and other attractions. The lifestyle in Miami is fast-paced, with a focus on entertainment and outdoor activities. The cost of living is relatively high compared to other cities in the United States.
Overall Average and Median Rent in Miami
The overall average rent per month in Miami ranges from $2,210 to $3,111. The overall median rent per month in Miami ranges from $1,939 to $3,850. These values are based on all property types, from studios up to 4 and more bedroom properties. See below for a summary of overall rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,210 | – |
| redfin.com (Jun 2022 data) | $3,111 | – |
| zillow.com | – | $3,650 |
| apartmentlist.com | – | $1,939 |
| renthop.com | – | $3,850 |
Studio Average and Median Rent in Miami
The average rent for a studio per month in Miami ranges from $2,078 to $2,100. The median rent for a studio per month in Miami ranges from $2,119 to $2,450. These values are based on a studio property, which is a self-contained space without separate rooms, except for the bathroom. There is no separate bedroom but usually there is an attached kitchenette. See below for a summary of studio rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,078 | – |
| rentable.co | $2,100 | – |
| zillow.com | – | $2,450 |
| zumper.com | – | $2,119 |
| renthop.com | – | $2,300 |
1 Bedroom Average and Median Rent in Miami
The average rent for a 1 bedroom property per month in Miami ranges from $2,278 to $2,300. The median rent for a 1 bedroom property per month in Miami ranges from $1,622 to $3,000. These values are based on all 1 bedroom property types. These can include 1 bedroom apartments, condos, townhouses and houses. 1 bedroom properties have a separate bedroom, unlike studio apartments. See below for a summary of 1 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,278 | – |
| rentable.co | $2,300 | – |
| zillow.com | – | $2,945 |
| apartmentlist.com | – | $1,622 |
| zumper.com | – | $2,644 |
| renthop.com | – | $3,000 |
2 Bedroom Average and Median Rent in Miami
The average rent for a 2 bedroom property per month in Miami ranges from $2,703 to $3,020. The median rent for a 2 bedroom property per month in Miami ranges from $2,150 to $4,225. These values are based on all 2 bedroom property types. These can include 2 bedroom apartments, condos, townhouses and houses. See below for a summary of 2 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,703 | – |
| rentable.co | $3,020 | – |
| zillow.com | – | $4,000 |
| apartmentlist.com | – | $2,150 |
| zumper.com | – | $3,400 |
| renthop.com | – | $4,225 |
3 Bedroom Average and Median Rent in Miami
The average rent for a 3 bedroom property per month in Miami ranges from $2,529 to $3,590. The median rent for a 3 bedroom property per month in Miami ranges from $4,000 to $6,800. These values are based on all 3 bedroom property types. These can include 3 bedroom apartments, condos, townhouses and houses. See below for a summary of 3 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,529 | – |
| rentable.co | $3,590 | – |
| zillow.com | – | $4,800 |
| zumper.com | – | $4,000 |
| renthop.com | – | $6,800 |
4 or More Bedroom Average and Median Rent in Miami
The average rent for a 4 or more bedroom property per month in Miami is approximately $4,490. The median rent for a 4 or more bedroom property per month in Miami ranges from $6,325 to $14,000. These values are based on all 4 or more bedroom property types. These can include 4 or more bedroom apartments, condos, townhouses and houses. See below for a summary of 4 or more bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| rentable.co | $4,490 | – |
| zillow.com | – | $12,713 |
| zumper.com | – | $6,325 |
| renthop.com | – | $14,000 |
Most Expensive Neighborhoods to Rent in Miami
According to renthop.com, the below are the top 5 most expensive neighborhoods to rent in Miami. The most expensive neighborhood, Village of Key Biscayne, has an average monthly rent of $8,000!
- Village of Key Biscayne
- Bal Harbour
- Northeast Coconut Grove
- South Pointe
- Palmetto Bay
Cheapest Neighborhoods to Rent in Miami
According to rent.com, the below are the most affordable neighborhoods to rent in Miami. 2 bedroom properties, on average, start from only $1,356 per month for the Riverview area. This is compared to the $2,703 to $3,020 for an equivalent property across the whole of Miami.
- Riverview
- Riverside
- Fontainbleau Park East
- Fountainebleau
- Edgewater
Rental Trends in Miami
According to redfin.com’s Data Center, their average monthly rent estimate, for all of Miami, was $2,310 in February of 2021. This has steadily increased to $3,111 for June of 2022. That’s a one third increase in a 16 month period.
Is it Cheaper to Buy or Rent in Miami?
While this is a difficult question to answer, if we look purely at the average monthly mortgage payment, based on a down payment of 5%, the previous chart suggests that it is cheaper to pay off the mortgage than to rent. However, there are also other costs associated with owning a property that must also be considered – maintenance costs, insurances, bank fees, and more. Also, which decision is better ultimately depends on your life circumstances (e.g. are you a frequent mover? In which case renting would be the better option) and the specific property you are living in or buying.
Average vs Median Rent
The average value is generally calculated by summing all available values and dividing it by the total number of values. The median value is usually obtained by ordering all values in ascending order and taking the exact middle position’s value (so that half of the values are higher and half are lower). This is why average and median values can be different.
Furthermore, average and median rental prices will vary depending on where the data is taken from. Some of the sources are based on the total collection of their own rental listings, while others are based on estimates and predictions using their own in-house methodologies and/or US Census data. Rental figures were obtained at the time of writing this article and are always changing.