Miami has seen a decrease in rates since spring of 2020, with 2021 showing a rate decrease of 0.7%, according to a new study by Realtor.com.
The new median rent for the city is $1,886.
The decrease in rents has been experienced by cities across the country, but large metropolitan areas were hit the worst, the report added. Rents in expensive areas have been falling since the onset of the pandemic, and continue to do so. Even in cities that have seen an increase in rents, those increases were substantially lower than those prior to the pandemic.
“Last March, rents in the 50 largest metro areas were growing by 3.2% year-over-year, on average,” the report noted. “That growth has consistently slowed throughout the pandemic, down to 0.6% in February. As of March, rent growth has ticked up to 1.1%.”