Renting on a budget in Miami-Dade? These areas offer cheapest home rents
In a county deemed the most competitive home rental market in the country, Miami-Dade still has some pockets where residents can find deals.
The Miami Herald identified five neighborhoods with the cheapest rents in Miami-Dade, 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 2022 and determined the median rent for each ZIP code in the county. North Miami Beach offered the most budget-friendly median rent at $1,800 a month, followed by North Miami, Miami Gardens, Allapattah/Brownsville and Little Havana.
Rents in these areas fell between 22% and 33% below the median monthly rent in Miami-Dade of $2,700.
Still, these neighborhoods saw even cheaper rents in 2021 — between $400 a month and $550 a month less than where they stand today. The higher price tags, real estate experts say, reflect the amount of demand. Miami’s workforce continues to grow across the board since the pandemic emerged in March 2020, and that means more people competing over the limited pickings of apartments, condos, townhouses and houses listed for rent.
“It is not just rich people moving to Miami. You have a lot of people looking for opportunities,” said Richard Greenfield, a real estate agent at Keyes. “The bottom of the market — the cheapest little studios, efficiencies — those are always in high demand.”
Renters today have fewer and fewer options to find affordable rents after three years of South Florida getting a steady flow of wealthy newcomers from across the country during the pandemic. In 2021, 39 Miami-Dade ZIP codes had rents below $2,000 a month. In 2022, only three ZIP codes offered those competitive rents, and that was primarily due to these areas having low- to mid-rise buildings built in the 1970s or before.
“That’s a squeeze on the consumer, the citizen with a local job, that’s enormous for the same housing,” Bozovic said. “I can imagine that puts tremendous pressure on a family or individual.”
These areas are expected to see rents stabilize or slightly increase this year as demand continues to outpace available rental homes.
Here’s the rundown where renters can find the cheapest homes in Miami-Dade:
▪ 1. North Miami Beach
Median rent: $1,800 (ZIP code 33162)
North Miami Beach has a population of 42,507 and a median household income of $52,223, according to the latest U.S. Census Bureau figures. The city is adjacent to Interstate 95 and across from the oceanfront Sunny Isles Beach. The star attractions include The Ancient Spanish Monastery, Greynolds Park and Oleta River State Park, where visitors can canoe, fish or bike.
▪ 2. North Miami
Median rent: $1,950 (ZIP code 33161)
North Miami has 59,229 residents and a median household income of $44,283, according to Census data. The city is a 15-minute drive from North Miami Beach and borders Miami Shores. Tourists and locals flood into the neighborhood for the Museum of Contemporary Art North Miami.
▪ 3. Miami Gardens
Median rent: $1,950 (ZIP code 33169)
Miami Gardens has 110,867 residents and a median household income of $51,067. The Sunshine State Arch welcomes visitors into the area when they arrive off of Florida State Road 826. The Hard Rock Stadium is the neighborhood’s most popular attraction. Home to the Miami Dolphins, the stadium also hosts a variety of concerts and events throughout the year.
▪ 4. Allapattah and Brownsville
Median rent: $2,000 (ZIP code 33142)
The Allapattah and Brownsville sections of Miami that share ZIP code 33142 have 6,731 residents and a median household income of $57,815. Allapattah in particular is booming with change, especially its art scene. Collectors like the Rubell family and billionaire condo developer and philanthropist Jorge Pérez have transformed warehouse spaces into posh museums.
▪ 5. Little Havana
Median rent: $2,100 (ZIP code 33135)
This slice of Miami’s Little Havana neighborhood runs from the tourist-haven Calle Ocho, otherwise known as Eighth Street, and into Little Gables. It has 1,315 residents and a median household income of $57,815, according to Census figures. The area’s growing popularity, with attractions including Ball & Chain and Azucar, and proximity to downtown Miami has drawn residents with deep pockets and led to big hikes in rents the past two years for longtime residents — some of whom have left.