Living cheap in Broward. Find out which towns have lowest monthly home rents
Miami-Dade residents desperately seeking cheaper rents might want to move to Broward County, where the lowest home rentals in a variety of communities are well below $2,000 a month.
The Miami Herald identified several neighborhoods with the cheapest monthly rents in Broward in 2022, based on data compiled by Analytics Miami founder and real estate market analyst Ana Bozovic and the Multiple Listing Service.
Bozovic compiled all residential leases for last year and determined the median rent for each ZIP code in the county. Lauderdale Lakes had the best deal with a median rent of $1,680 a month, followed by pockets in Lauderhill, Hollywood, Fort Lauderdale, Pompano Beach, Margate and Dania Beach.
Demand remained continuously high during the pandemic for these neighborhoods, so much so that these areas saw rent hikes ranging from $300 a month to $452 monthly between 2021 and 2022. The majority of inventory in the cheapest areas in these neighborhoods consist of studios, small townhouses or single-family homes and accessory dwelling units. These are places Broward’s working and middle-class often call home.
Rising interest rates and a looming recession are expected to eventually swing housing conditions even more in favor of renters in Broward County this year, said Sharon McLennon, a real estate agent with Splendor Realty Inc., an affiliate of Coldwell Banker.
“We’re still dealing with sticker shock. Last year was crazy to look at rents,” McLennon said. “Landlords are negotiating down rents. We’re now having those conversations. It’s not something we were doing last year.”
Here’s the rundown of areas where renters can find the cheapest home rentals in Broward:
▪ 1. Lauderdale Lakes
Median rent: $1,680 (ZIP code 33319)
Lauderdale Lakes landed on the map for more people over the past four years. The area borders the Florida Turnpike and sits in the heart of Broward County. Residents live within a 20-minute drive to most neighborhoods in the county. The area blossomed during the pandemic with more people looking for cheaper rents due to the uptick in cost of living. Seeing the residential movement, the area has delivered more music and cultural festivals in recent years.
▪ 2. Lauderhill
Median rent: $1,790 (ZIP code 33313)
Lauderhill slithers down the borders of Tamarac, Plantation and Lauderdale Lakes. It has easy access to the Florida Turnpike.
“That’s very convenient,” McLennon said. “Those are the things that I’m seeing that translate into more interest. People are saying it’s an affordable option let’s take a closer look.”
▪ 3. Hollywood
Median rent: $1,840 (ZIP code 33020)
Hollywood continues to boom with change and new development. This town offers apartments, small houses and accessory dwelling units. Renters here are a short bike ride or drive from the area’s Hollywood Beach Broadwalk.
▪ 4. Fort Lauderdale
Median rent: $1,900 (ZIP code 33306)
As the biggest city in Broward County, residents here often live in studios or bungalows behind a single-family home.
“It’s rubbing shoulders with astute neighborhoods. You’re close to the beach and ocean boulevard. It is a very beachy lifestyle. People aren’t looking for a lot of space,” McLennon said. “People are not going to spend a lot of time in their backyard. They are the ones on the bike heading to the beach or walking around. They are living in smaller units and enjoying the overall lifestyle.”
▪ 5. Pompano Beach, Margate, Dania Beach
Median rent: $1,950 (ZIP codes 33060, 33069, 33063, 33004)
Developers are flocking into some of these neighborhoods to flip properties, especially in Dania Beach, situated a little more than a mile from Fort Lauderdale-Hollywood International Airport. Residents can still find inexpensive outings and beachside fun at places like the Pompano Beach Fisher Family Pier.