Market Update: Miami’s Luxury Rental Market Slowing Down

The luxury real estate market in Miami is seeing a significant slowdown. Quick rise in new Miami residents has slowed down, more apartments have been built, and fewer people are willing to overpay.

  • So far in 2023, the median monthly rent for a luxury three-bedroom house in Miami-Dade County is $8,500, down 15% from $10,000 last year according to Analytics.Miami.

  • In September, the median monthly rent for a Miami one-bedroom apartment declined 1.47% to $2,690 from the month before, and 1.96% to $2,500 in Miami Beach according to Zumper.

  • The median rent for a one-bedroom nationwide, meanwhile, increased 0.1% to $1,511 during the same period.

Source: FloridaRealtors, October 19, 2023 I © Copyright 2023 INFORMATION INC., Bethesda, MD (301) 215-4688