Apartment rents in Boca are catching up to Miami, South Florida’s priciest city
Thursday Jan 25th, 2018
Miami may soon lose its status as the most expensive metro rental market in South Florida.
The average rent for a one-bedroom apartment in Boca Raton jumped $80 last month, inching closer to the Magic City.
In December, the average rent grew to $1,730 in Boca, only $20 behind Miami, where rent was flat from the previous month and down 2.8 percent from year-over-year, according to a new report from Zumper.
Miami Beach remained the third priciest city, with an average rent of $1,600.
Meanwhile, Homestead, Hialeah, and Coral Springs reported the fastest growing rents since last year. In Homestead, apartment rents grew 15.6 percent to $1,110 compared to January 2017. In Hialeah, rents increased 10.7 percent to $1,340 and in Coral Springs, they went up 8.2 percent to $1,190.
Despite the rent hikes, Homestead and Coral Springs are still among the most affordable markets in South Florida. Lauderhill reported the cheapest rent at $1,010 a month, followed by Homestead and Coral Springs.
Another market to watch out for rent growth is West Palm Beach, where the cost of a one-bedroom ticked up 5.1 percent from November to December, to $1,240 a month.