Like the housing market, apartment rental prospects have transformed in recent years. Our expectations and desires have shifted, with renters searching for more space. And, according to a new study from RentCafe, Miami is on the pricier side.
Of the 100 largest cities in the U.S., Miami ranked at No. 79 when it came to affordable space. A monthly budget of $1,500, on average, affords you just 647 square feet of space in the South Florida hotspot. And, on average, Miami residents pay a bit more than that: $2,056 for an 887-square-foot apartment.
Other areas within the Miami metro also offer less expensive alternatives. In the Miami-Dade suburb of Homestead, $,1500 will get you 1,021 square feet of space. And in the Broward suburbs of Lauderhill and Lauderdale Lakes, the same budget can afford 979- and 879-square-foot apartments, respectively.