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Miami, FL - The cost of renting in the United States has taken a slight dip, with the median asking rent falling to $1,592—the lowest it has been since March 2022.
According to a recent report from real estate firm Redfin, despite this positive national trend, Miami continues to rank as one of the least affordable cities for renters.
Redfin’s data reveals that renters nationwide would need an annual income of $63,680 to comfortably afford the median asking rent, marking the lowest income requirement in three years.
However, Miami renters face a much steeper challenge.
With a median rent of $2,373 in the Miami metro area, a household income of $94,920 is necessary to afford rent—nearly 40% higher than the city’s median income of $57,157 in 2024.
Miami ranks as the second most unaffordable city for renters in the U.S., trailing only Providence, Rhode Island.
Other cities in the top five include New York, Los Angeles, and Boston.
Despite Miami’s high ranking on the unaffordability scale, there is some relief on the horizon for renters.
Local real estate agent Marta Carvajalino from the Keyes Company notes that the increased construction of rental communities, managed by single leasing agencies, has provided renters with more options.
These agencies often require smaller deposits than private landlords, she said, which has helped reduce rental prices by up to $200 per unit.
Redfin Senior Economist Sheharyar Bokhari also sees signs of improved rental affordability nationally, thanks to wage growth and a surge in apartment construction.
“Rental affordability will continue improving this year as wages grow and rents remain flat,” Bokhari said.
However, the affordability gap between renting and buying is expected to widen further by 2025.
Rising home prices and persistently high mortgage rates may force many potential buyers—particularly younger generations—to remain renters for longer periods.
For Miami renters, this could mean continued financial challenges despite the slight reprieve in rental costs.
The broader national trend, however, offers hope for improved affordability in the years to come.