According to a new residential real estate report, South Florida apartment rental prices have come back to earth after two years of big annual pandemic jumps of 7% in 2022 and 25% in 2021.Median rents this year through July have only slightly increased by less than 1%, signaling a slowdown in the previously surging rental market. 

The influx of new large apartment complexes in the region has contributed to the decline in rent hikes, adding competition to the market, which now offers some concessions to qualified renters.

However, residents, particularly in Miami-Dade County, still struggle with even smaller rent increases after the double-digit leaps in the pandemic, also led by Corporate relocations and wealth migration, and despite the slowdown, affordability remains a concern.

(source: miamiherald.com, picture: Ryan Parker)