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 $1,790, which is higher than the national average of $1,468. 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 102.8.
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. Weston
- Average Rent: $2,079
- Average Apartment Size: 1,147 sq. ft.
- Median Listing Home Price: $499,000
- Median Listing Home Price/Sq. Ft.: $244
Weston has a population of 70,220 and boasts 0.6 percent in 1-year population growth. The median household income here is $100,110. 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 $2,079, Weston definitely tops the list of 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.
2. Boca Raton
- Average Rent: $2,043
- Average Apartment Size: 1,046 sq. ft.
- Median Listing Home Price: $410,500
- Median Listing Home Price/Sq. Ft.: $223
Boca Raton has a population of 95,745, up 1.9 percent from the previous year. 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 $80,938, Boca Raton is definitely a profitable environment for rental property investors.
3. Fort Lauderdale
Average Rent: $1,981- Average Apartment Size: 960 sq. ft.
- Median Listing Home Price: $450,000
- Median Listing Home Price/Sq. Ft.: $306
The city of Fort Lauderdale has a population of 178,783, which is a 0.9 percent growth from the year prior. 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 $55,269.
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.
4. Miami Beach
- Average Rent: $1,980
- Average Apartment Size: 917 sq. ft.
- Median Listing Home Price: $497,500
- Median Listing Home Price/Sq. Ft.: $504
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 pretty high, higher than the national average, allowing rental owners more gains. In terms of rental prices in Florida, Miami Beach certainly sits in the top five.
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 $53,348.
5. Coral Gables
- Average Rent: $1,960
- Average Apartment Size: 889 sq. ft.
- Median Listing Home Price: $924,900
- Median Listing Home Price/Sq. Ft.: $454
Coral Gables is a planned community that boasts a Mediterranean feel. It has a population of 50,931, up 0.0432 percent from the previous year. 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 $100,000.
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.
6. Doral
Average Rent: $1,799- Average Apartment Size: 949 sq. ft.
- Median Listing Home Price: $415,000
- Median Listing Home Price/Sq. Ft.: $228
Doral has a population of 58,265 and experienced a 3.53 percent 1-year growth. The median household income here is $77,418. Those who flock to Doral can look forward to great job opportunities. With 2,380 employees, 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.
7. Miami
- Average Rent: $1,697
- Average Apartment Size: 891 sq. ft.
- Median Listing Home Price: $395,000
- Median Listing Home Price/Sq. Ft.: $280
Miami has a population of 470,911 residents, which is up 1.63 percent from the year prior. The city continues to welcome new residents every year, thanks in large part to its economy, arts and culture scene, and entertainment scene. Employment opportunities are plentiful in Miami, too. In fact, the city leads in commerce, finance, arts, construction, and international trade sectors. Residents also enjoy a median household income of $41,818.
Investors like you would be wise to buy property in Miami for rental use. The average rent in Miami is $1,697, which means you can charge significantly higher rental prices than other cities in the country. Additionally, the city sees millions of tourists every year as it is close to PortMiami and Miami International Airport. Therefore, short-term rentals are a great option, too.
8. Tampa
- Average Rent in Tampa, Florida: $1,395
- Average Apartment Size: 928 sq. ft.
- Median Listing Home Price: $299,900
- Median Listing Home Price/Sq. Ft.: $188
With a population of 392,905, Tampa is the largest city in the Tampa Bay area. It is an attractive place for renters, which make up more than half of its resident population. Tampa also draws in new residents because of the employment opportunities in the city, with jobs in the healthcare, education, and tourism industries. Moreover, the median household income in Tampa is $54,599.
Tampa residents also enjoy excellent outdoor activities, a diverse culture, a bustling entertainment scene, and great public schools. Notable places in Tampa include the University of South Florida, Busch Gardens Tampa Bay, the Florida Aquarium, Adventure Island, the Henry B. Plant Museum, and the Tampa Riverwalk.
9. Orlando
Average Rent in Orlando, Florida: $1,389- Average Apartment Size: 963 sq. ft.
- Median Listing Home Price: $275,000
- Median Listing Home Price/Sq. Ft.: $166
Orlando is the fourth-largest city in Florida, with a population of 285,705 residents. While the city welcomes a diverse range of people every year, it is particularly popular among young professionals.
This is primarily attributed to the many employment opportunities in the area, with jobs in the technology, hospitality, and airline sectors. Additionally, residents have a median household income of $51,820.
Orlando also boasts a diverse arts and culture scene, plenty of outdoor activities, an affordable cost of living, and good public schools. Notable places of interest in the city include Walt Disney World Resort, Universal Orlando Resort, and the Orlando Museum of Art.
10. Jacksonville
- Average Rent in Jacksonville, FL: $1,159
- Average Apartment Size: 966 sq. ft.
- Median Listing Home Price: $220,000
- Median Listing Home Price/Sq. Ft.: $136
With 903,896 residents, Jacksonville is Florida’s most populous city. Of that population, about 44 percent are renters, making it a lucrative place for rental property investors. But, what makes Jacksonville so popular anyway?
This Florida city has numerous job opportunities in multiple sectors. Its economy is comprised of education, hospitality, health, and financial industries. Residents here enjoy a median household income of $54,269 and a fairly affordable cost of living. Beyond that, Jacksonville is a great place for both families and retirees.
In terms of entertainment and culture, Jacksonville does not disappoint. Residents and tourists alike can visit many notable places. This includes the Jacksonville Zoo and Gardens, the Cummer Museum of Art & Gardens, the Kathryn Abbey Hanna Park, Fort Caroline, and Little Talbot Island State Park. Furthermore, the city is a flourishing hub for restaurants, retail stores, and other commercial properties.
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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