After years of sharp increases, South Florida’s rental market is finally cooling down. According to Zumper, the median rent in Miami has been falling since 2024, though it remains well above the state median of $1,593.

In June, one-bedroom rents dropped year-over-year in Miami, Miami Beach, Doral, Aventura, and Fort Lauderdale. Yet despite the slowdown, rents in these cities are still high—often above $2,000 per month. In Miami proper, the median rent for a one-bedroom is now $2,700, down 3.6% from last year but still the highest in the metro area.

The biggest rent declines occurred in Broward County, where more new construction has pushed vacancy rates up, giving tenants more options and bargaining power. In contrast, suburban areas like Davie and Tamarac have seen more stable prices. With less new development and lower rents, these suburbs are attracting renters from Miami’s urban core who are seeking more space or better affordability.

(source: Axios, picture: Alejandro Luengo)