Will Miami rents drop in 2024? Miami’s high incomes remain a recurring theme among Cuban immigrants living in the densely populated city in southern Florida. For new immigrants or singles, this is still an impossible question because wages are not high and growth is unsustainable.
According to a January 2024 report by local outlet AmericaTeve, real estate experts predict that 2024 could be a good year for those looking to buy or rent a home in South Florida.
This is because sales and rental prices are expected to fall slightly and the supply of available homes will increase. Additionally, the county will continue to attract new residents, driving demand and housing growth.
However, not everyone shares this optimism. Many Miami-Dade County residents are skeptical that home prices will fall significantly, as they have been rising steadily for years. Some believe the real estate market is overvalued, making it difficult to obtain decent housing in the area.
Rental prices are higher in Miami and surrounding areas
In this regard, according to Miami media reports, experts advise those who want to buy or rent a house to be fully prepared before taking action. In addition to this, they recommend filing your taxes correctly as this will affect the terms and amount of loans you can obtain.
Residential rental prices fell between 1% and 15% at the end of the year in multiple locations in Miami-Dade, Broward and Palm Beach counties, according to a monthly Metro Miami report from leasing firm Zumper.
The cities with the largest rent decreases for one-bedroom apartments were Sunny Isles Beach, Plantation and Dania Beach, and the cities with the largest rent decreases for two-bedroom apartments were Aventura, North Miami and Fort Lauderdale.