Looking to move to Miami, Florida? Learn about the average rent prices and other things to consider with this city guide.
Culture, beaches, and eclectic dining—it’s easy to fall in love with Miami, which is why there’s no surprise that nearly half a million people call the city home. Ready to make the move? We run down all you need to know about the average rent in Miami and the overall cost of living in the city.
The average rent in Miami is a bit higher than in other popular U.S. cities of similar size: Even though prices dropped by about 4% from last year, renting an apartment in Miami costs $2,180 a month on average. But even with higher rates, Miami’s growing job market, buzzing nightlife, and secluded national parks motivate many people to move to the city.
Like all cities, the Miami rental market includes a range of prices, so it’s likely you’ll be able to find apartments and condos significantly lower and higher than the average rent price. We found that the average rent for a one-bedroom apartment in Miami is $1,890, and for a two-bedroom unit, it’s $2,415. Studio apartments are the most affordable, coming out to about $1,600 per month.
But it comes down to two factors: location and size. On average, Miami apartments are 891 square feet, but this varies depending on the type of unit and the neighborhood. One-bedroom apartments tend to fall closest to the average square footage. Studios are often smaller, and two- and three-bedroom units typically offer the most space.
Most Affordable Neighborhoods to Rent in Miami
Miami’s most affordable neighborhoods include Palmer Lake – Mia Station, Overtown, Mays Gardens, Model City, Little Haiti, Cantisano, Coral Woods, Dixie Heights Gardens, Brandonwoods, and Little Havana. Apartments in Palmer Lake – Mia Station are $909 a month on average, and Overtown housing units go for an average of $960 per month.
Renters in Mays Gardens pay an average of $1,025 per month. In Little Haiti, Model City, Cantisano, Coral Woods, Dixie Heights Gardens, and Brandonwoods, rates are closer to $1,150. Little Havana apartments rent for $1,260 a month on average.
Mid-Range Neighborhoods to Rent in Miami
Upper Eastside, Allapattah, Miami Beach, Midtown – Edgewater, and Coral Way, are right in the middle. Renting an Upper Eastside Miami apartment costs $1,775 per month on average. In Allapattah, you’re looking at $1,915 a month, and in Miami Beach, it’s about $2,020. In Midtown – Edgewater, renters pay an average of $2,180, and in Coral Way, it’s about $2,195 on average.
Most Expensive Neighborhoods to Rent in Miami
If you’re looking for a more expensive neighborhood, you’ll want to head to Wynwood, Downtown, Brickell, or West Flagler— all are generally priced above the city’s average. Apartments in Wynwood and Brickell are closer to $2,255 per month on average. In Downtown Miami, it’s more like $2,360. And renting in West Flagler will run you an average of $2,610 a month.
Cost of Living in Miami
Excluding rent price or mortgage payments, the monthly cost of living for a four-person family is $3,722. For a single person, it’s about $1,035. Much like rent rates, your overall cost of living in a city depends on a few factors. Besides the neighborhood you live in, you’ll need to consider expenses like utilities, food, transportation, entertainment, and your lifestyle. We break each down.
Monthly Utilities
During the winter, electric bills for South Florida residences tend to be relatively inexpensive, yet in the warmer months, you can expect to pay a lot more. In the summer (and often through the spring and fall), when daytime temperatures get close to 100 degrees, you’ll want to crank up the air conditioning in your home. In some cases, this can run your monthly utility bill up to $300 or more. Although, on average, most people pay about $150 a month.
Your water bill will likely average out at $115 per month, which is lower than other popular cities. As a renter, you’ll probably pay less than the average, as higher bills often fall onto homeowners who keep their lawns watered year-round. As for garbage, internet, phone, cable, and other monthly household expenses, prices in Miami are about average.
Your Food Bill
The cost of groceries in Miami is a little higher than the country’s average. At the grocery store, a gallon of milk will run you about $4.12, a dozen eggs are about $2.75, and you’ll pay an average of $3.00 for a loaf of bread.
Chicken is $6.00 per pound, and beef is closer to $7.00. A case of beer is $17.15 on average, and a mid-range bottle of wine from the grocery store in Miami will cost you about $12.00.
Dining Out in Miami
Miami is known for its eclectic dining options. You can eat out for relatively cheap, but many of the best restaurants in Miami have somewhat steep prices. A single meal at an inexpensive eatery is $15 on average, and a fast food meal is $8.
Dinner for two at a mid-range restaurant is $65 on average. At high-end spots and gourmet restaurants with award-winning chefs, you can expect to pay $80 to $100 a person, depending on how many courses you get and whether you order drinks.
Getting Around in Miami
The cost of transportation in Miami depends on your preferred method of getting around. Due to heavy traffic, moderate crime, and extreme weather concerns, those who drive cars generally pay higher-than-average insurance premiums. Right now, gasoline in Miami is about $4.14. Parking costs can add up, too, depending on where you live and work. However, to skip these fees, opt for public transportation.
Miami has a decent public transportation system. The Metrorail (rapid transit), Metromover (train), and Metrobus (bus lines) offer Miami residents and visitors low-cost solutions for commuting and exploring the city. Taxi rides are somewhat expensive, but the Miami metro area also has ride-sharing options, including Uber and Lyft.
Thinking about moving to Miami? Let us help you find a home. In the meantime, check out our blog to learn more about the city.
