Miami-Dade’s 5 most-affordable spots
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 since the COVID-19 pandemic emerged in March 2020, and that means more people competing for 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.”
Here’s the rundown where renters can find the cheapest homes in MiamiDade:
1. North Miami Beach
Median rent: $1,800 (ZIP code 33162)
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 and bike.
2. North Miami Median rent: $1,950 (ZIP code 33161)
Tourists and locals flood into the neighborhood for the Museum of Contemporary Art.
3. Miami Gardens
Median rent: $1,950 (ZIP code 33169)
Hard Rock Stadium is the neighborhood’s most popular attraction. It is the home of the Miami Dolphins, It also hosts a Formula 1 race, concerts and other events.
4. Allapattah and Brownsville
Median rent: $2,000 (ZIP code 33142)
Allapattah is booming with change, especially its art scene. Collectors, including 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)
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.