Rental property investors are always on the lookout for the next lucrative investment. And, for that, the Sunshine State is the place to be. Here are the top 10 cities with the highest rental prices in Florida.
Which Cities Have the Highest Rental Prices in Florida?
When talking about states with the best rental property opportunities, Florida often comes to mind. But, why is that? How much is rent in Florida anyway?
The average rent in Florida is $1,557 monthly for a two-bedroom apartment, which is higher than the national average of $1,326. In terms of the cost of living, Florida is more expensive compared to the national average. Based on an average cost of living index of 100 in the United States, the overall average cost of living in Florida per month sits at 102.3.
Florida remains a popular choice among investors for a number of reasons. The Sunshine State’s population steadily grows each year, and it also boasts a solid economy. There are many available jobs, too, which means more people move to Florida looking for job opportunities. And, more new residents means more potential tenants. All this, coupled with the state’s tax benefits and tourism industry, makes Florida a great place for rental property investment.
But, Florida is such a big state that many investors find it hard to choose which city to buy property in. To help you out, we have rounded up a list of the top 10 cities with the highest rental prices in Florida.
1. Miami Beach
- Average Rent: $3,162
- Average Apartment Size: 855 sq. ft.
- Median Listing Home Price: $635,000
- Median Listing Home Price/Sq. Ft.: $735
Miami Beach is perhaps most known for South Beach, a popular vacation and spring break destination in Florida. But, the city is also one of the best places for rental property investors. The average cost of rent is the highest in the state, allowing rental owners more gains. In terms of rental prices in Florida, Miami Beach sits in the number one spot with an average rental price of $3,162.
As for renters, they make up more than half the population of Miami Beach, which is home to 91,826 residents. That means you can fill vacancies faster. But, what makes Miami Beach such an attractive place to live in?
First, you can’t argue with the abundance of outdoor activities in the city. From South Pointe Park Pier and Lummus Road to the Miami Beach Botanical Garden, the city just overflows with greenery. The arts and culture scene here is also flourishing, with places such as Ocean Drive, Lincoln Road, and the Art Deco Historic District.
Lastly, in terms of employment, Miami Beach has plenty of opportunities in the tourism and education sectors. The median household income in this Florida city stands at $65,116.
2. Coral Gables
- Average Rent: $2,997
- Average Apartment Size: 893 sq. ft.
- Median Listing Home Price: $1.9 million
- Median Listing Home Price/Sq. Ft.: $868
Coral Gables is a planned community that boasts a Mediterranean feel. It has a population of 49,248. The city has a thriving economy, with its largest economic contributors being the University of Miami, Baptist Hospital of Miami, Bacardi Limited, and Capital Bank Financial. Additionally, the median household income in Coral Gables is $118,203.
Other than employment opportunities, Coral Gables attracts renters because of its excellent schools, outdoor activities, diverse culture, great commute, and fair weather. It is also a perfect place to raise a family. Although most of the residents here own their homes, there is still a good market for renters.
The home prices in Coral Gables might turn you off to investing in one, but you can charge higher rental prices than other places. Additionally, property values are on the rise here, so you can definitely get a good return when the time comes for you to sell.
3. Weston
- Average Rent: $2,942
- Average Apartment Size: 1,154 sq. ft.
- Median Listing Home Price: $941,500
- Median Listing Home Price/Sq. Ft.: $413
Weston has a population of 68,239 and boasts 0.9 percent in 1-year population growth. The median household income here is $82,159. Renters continue to flock to this suburban area because it boasts great job opportunities, plenty of outdoor activities, and fair weather. It also has a decent crime and safety rate, excellent public schools, and offers an easy commute. Families with kids, in particular, will love Weston.
With the average cost of rent at $2,942, Weston is certainly one of the top cities with the highest rental prices in Florida. It even trumps the average cost of rent in Florida. While home prices are relatively higher compared to other places in Florida, property owners can demand more in rent because of the high rental average. With a good pool of tenants and a respectable yield, you can bet on Weston, FL.
4. Boca Raton
- Average Rent: $2,886
- Average Apartment Size: 1,042 sq. ft.
- Median Listing Home Price: $941,500
- Median Listing Home Price/Sq. Ft.: $413
Boca Raton has a population of 97,422 with a population growth rate of 0.58 percent. The city is considered one of, if not the best places to live in Palm Beach County. But, why do people flock to Boca Raton anyway?
This Florida city boasts plenty of job opportunities in the education, health, and hospitality sectors. Boca Raton is also a great place to raise a family, with excellent public schools and a plethora of outdoor activities. Other than that, the city offers a thriving nightlife, a diverse culture, fair weather, and a great commute. Notable places in the area include Morikami Museum and Japanese Gardens, Gumbo Limbo Nature Center, and Butterfly World.
Although most of the residents here own their homes, there is also a pretty decent renter population. With a median household income of $110,593, Boca Raton is definitely a profitable environment for rental property investors.
5. Delray Beach
- Average Rent: $2,823
- Average Apartment Size: 1,117 sq. ft.
- Median Listing Home Price: $305,000
- Median Listing Home Price/Sq. Ft.: $255
Delray Beach has a population of 97,422 and has a yearly growth rate of 0.36 percent. It’s a lively city with tons of activities and events that attract renters from all over the state. The city is also highly walkable and friendly to bikers, making it perfect for those who long for an outdoor lifestyle.
In addition, the area marries miles of gorgeous beaches with a bustling city life on Atlantic Avenue. This creates the perfect environment for those who want to unwind or have a more lively living experience. The city has a plethora of interesting shops, world-class restaurants, and art galleries. Plus, it’s super friendly to outdoor activities. Notable places in the area include Wakodahatchee Wetlands, Morikami Museum and Japanese Gardens, and Atlantic Avenue.
Although a majority of the city’s occupants own their homes, it still has a sizable renter population. Delray Beach is the perfect place to invest for rental property owners as it has a median household income of $76,803.
6. Aventura
- Average Rent: $2,760
- Average Apartment Size: 1,035 sq. ft.
- Median Listing Home Price: $575,000
- Median Listing Home Price/Sq. Ft.: $415
The city of Aventura has a population of 40,242 people. It is an attractive place to live for many reasons. Firstly, it offers a dense suburban feel to its residents with tons of coffee shops, restaurants, and parks. While many retirees live in the area, it also offers good support for families as its public schools are above average.
The area also offers many job opportunities for younger and older adults. Plus, the city’s residents can enjoy easy access to the beach without sacrificing the comforts of urban living. Noteworthy places include the Don Soffer Exercise Trail, Founders Park, Aventura Arts & Cultural Center, and Aventura Mall.
Most of the Aventura residents own their homes but over 33% still rent their dwellings. Plus, the median household income is $75,211, making it the perfect place to invest for property owners.
7. Fort Lauderdale
Average Rent: $2,705- Average Apartment Size: 959 sq. ft.
- Median Listing Home Price: $629,000
- Median Listing Home Price/Sq. Ft.: $474
The city of Fort Lauderdale has a population of 182,760 with a 0.25 percent growth rate. It is the largest city in Broward County. Employment opportunities abound in Fort Lauderdale, making it no surprise that new residents continue to move to this Florida city in search of new career paths. Additionally, the median household income in the city sits at $80,539.
Fort Lauderdale also boasts a booming arts and culture scene, with places of interest such as the Hugh Taylor Birch State Park and Las Olas Boulevard. It has decent public schools and is a good place for families, though the cost of living is relatively higher compared to other Florida cities.
Furthermore, Fort Lauderdale has a sizable renter population, with nearly half of the residents here renting their homes. For rental property owners, the high demand along with attractive rent prices is a combination that is hard to refuse. With great weather, several outdoor activities, and exciting nightlife, this city definitely delivers.
8. South Miami
- Average Rent: $2,692
- Average Apartment Size: 855 sq. ft.
- Median Listing Home Price: $1.2 million
- Median Listing Home Price/Sq. Ft.: $628
South Miami is a small city with a population of 12,026 people with a 0.26 percent annual population growth rate. It offers a suburban living experience and is considered one of Florida’s best places to live. The city boasts tons of restaurants, parks, and coffee shops fit for both families and young professionals. It also provides a vibrant entertainment, shopping, and dining experience to the residents.
South Miami’s median household income sits at $70,830, making it the perfect place to attract renters. Notable places include South Beach, Lincoln Road, Lummus Park, and Espanola Way.
Despite its small population, South Miami has a rather large renter population. Almost half of the city’s residents rent their homes. Property owners will have little trouble finding renters for their real estate investments considering the demand and high rent prices.
9. Doral
Average Rent: $2,650- Average Apartment Size: 965 sq. ft.
- Median Listing Home Price: $547,500
- Median Listing Home Price/Sq. Ft.: $382
Doral has a population of 75,874 and experienced a 1.32 percent 1-year growth. The median household income here is $98,058. Those who flock to Doral can look forward to great job opportunities. With over 150,000 employees and several Fortune 500 companies, it’s highly attractive to renters and movers everywhere. The city’s largest employer is Carnival Corporation.
In addition to a booming economy, Doral is also home to numerous parks. Doral Meadow Park, Doral Central Park, and Downtown Doral Park are just a few. This Florida city also boasts an active nightlife scene, a diverse culture, good weather, and great public schools. Crime rates are also lower here compared to other cities in the state, making it an ideal place for families with kids.
10. Miramar
- Average Rent: $2,642
- Average Apartment Size: 1,092 sq. ft.
- Median Listing Home Price: $595,000
- Median Listing Home Price/Sq. Ft.: $328
Miramar has a population of 137,228 residents and a 0.634 percent population growth rate. The city is a great place to live and is close to major seaports and two international airports. It’s a hub for healthcare and aviation and has been recognized as one of the best places to live. The city is a safe, well-maintained, and clean.
Apart from this, Miramar has a thriving cultural landscape. You can find all you need at the Miramar Cultural Center Artspark as it hosts events and live performances. It even has a botanical garden and galleries. The median household income is $81,812 — perfect for renters who want a stable life.
All these factors make Miramar the perfect place to invest. The city’s average rent is $2,642 so landlords can charge much higher prices than other places in Florida. Plus, the city has lots of tourists thanks to its proximity to multiple airports. This makes short-term rentals a worthwhile investment as well.
Invest While You Can
As a popular destination for young and old alike, it does not come as a surprise that rental prices in Florida keep climbing. Therefore, rental property investors like you should jump on this lucrative opportunity as early as you can. Remember to buy houses during the offseason to get the best deal, as well.
Managing a rental property can come as a challenge, especially if you have never done it before or simply lack the time to do so. But, it does not have to be that way. Find the best property management company in your area with the help of Florida Property Management’s online directory today.
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