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South Florida rent, specifically in Miami, is skyrocketing

Miami is not alone in the sharp rise in rent: Austin, New York and Memphis all saw an increase.
Credit: AP
Clouds catch the light over high-rises in South Beach, at sunset, Monday, Oct. 18, 2021, in Miami Beach, Fla.(AP Photo/Rebecca Blackwell)

MIAMI — Renters are struggling more than ever to keep up with the rising price of rent in the South Florida region.

According to a new report from Apartment List, Miami rents "sharply increased" over the past month. This is the 11th straight month the city of Miami has seen rent increases since December 2020. 

In the Miami metro area, median rent prices range from $1,610 in Ft. Lauderdale, Fla. to $2,800 in Miami Beach, Fla. for a two-bedroom apartment.

Miami saw a 2.1 percent increase between October and November 2021. In the last year, rent prices have increased by 27 percent. That means a place that originally cost $1,800 to live could now cost near $2,200.

Miami is not alone in the rise of rent, however, across the United States there are more affordable places to live. 

Other Florida cities that saw a surge in rent prices include Tampa and Jacksonville. Across the U.S., Austin, New York and Memphis also saw a steep rise in the last year.

While South Florida is known for its high-price cost of living, Apartment List breaks down how much you should make in order to afford to live in Miami.

Using the 30 percent rule, which means putting 30 percent of your annual gross income into rent, a single person looking for a one-bedroom apartment should make an annual salary of around $92,808 or higher. 

Of course, having a roommate can substantially drop the cost of living and help you save a few dollars in the process.

The Apartment List study collects data from luxury-style apartments that cover much of the renter's market.

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