Despite a recent decline in rents, South Florida remains one of the most unaffordable regions for apartments in the U.S. The median rent has dropped to $2,373 in December 2024, down 4% from the previous year. However, the income required to rent in the area far exceeds the national average. Redfin's report suggests that as rental construction increases and wages rise, affordability may improve slightly nationwide, but Miami is still ranked as the second least affordable city for rentals, following Providence, RI.
In South Florida, the median apartment rent has dipped to $2,373 as of December 2024, a drop of about 4% from 2023 when the median was $2,470.
According to Redfin Senior Economist Sheharyar Bokhari, 'The affordability gap between renting and buying is likely to widen further in 2025, as home prices rise and mortgage rates remain high.'
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