Cheap Apartments For Rent in Miami FL | Zillow (2024)

FAQs

Who can afford rent in Miami? ›

According to the study, the average renter in Miami must make at least $100,000 to avoid being classified as rent burdened -- a term used to define those who spend half their salary or more on rent.

Suburbs - $2,000/ month

Most apartment rents in Miami have one thing in common: the farther you are from the city centre and the beach, the cheaper the rent. If you are okay with a long commute or are on a low budget, you can rent in a neighbourhood like this.

Orlando (-4.8%) and Miami (-3.8%) have also seen rent prices fall over the past year. The cooldown will come as welcome news to Floridians who have seen rents surge faster than the national average in recent years after the state became a popular destination during the pandemic.

According to the U.S. Census Bureau, the median household income in Miami is $3,988.33 per month or $47,860 annually. However, you should aim to spend no more than 30% of your income on rent.

The five cheapest neighborhoods in Miami in 2024 are:

• Kendale Lakes/Kendall West.
• The Hammocks.
• Flagami.
• Westchester.
• Upper East Side North.

Feb 29, 2024

5 Most Affordable Neighborhoods in Miami, FL - Apartments.com

Apartments.com

https://www.apartments.com

Apartments.com

https://www.apartments.com

Income Limits Effective April 1, 2024

Family Size	Extremely Low Income 30% of AMI	Low Income 80% of AMI
1	$23,850	$63,550
2	$27,250	$72,650
3	$30,650	$81,700
4	$34,050	$90,800

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Income Limits - Miami-Dade County

Miami-Dade County

https://www.miamidade.gov

Miami-Dade County

https://www.miamidade.gov

On September 30, 2023, Florida's minimum wage increased to $12.00 from $11.00, which is more than the federal minimum wage of $7.25. In November 2020, voters decided on raising the minimum wage gradually through 2026 to $15.00 an hour. The Florida minimum wage will increase to $13.00 an hour on September 30, 2024.

The cost of living in Miami, FL is 20% higher than the state average and 18% higher than the national average. Miami, FL housing is 52% more expensive than the U.S average, while utilities are about 4% pricier.

According to MIT's Living Wage Calculator last updated on Feb. 14, 2024, a living wage for a single adult with no children in Miami-Dade County is $24.26 an hour. That means you should be making $50,460 a year. With a child, that amounts jumps to $39.58 an hour, or about $82,326 annually.

According to Creditnews Research, the percentage of Miami neighborhoods considered unaffordable for average families grew by 34.7% during the COVID-19 pandemic.

How much will rent cost in Miami in 2024? ›

What is the average rent in Miami, FL? As of September 2024, the average rent in Miami, FL is $2,114 per month. This is 35% higher than the national average rent price of $1,563/month, making Miami one of the most expensive cities in the US.

Average Salary in Miami, FL

Percentile	Annual Salary	Monthly Salary
90th Percentile	$96,000	$8,000
75th Percentile	$67,000	$5,583
Average	$44,000	$3,667
25th Percentile	$29,000	$2,417

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Average Salary and Minimum Wage in Miami, FL - Zippia

Zippia

https://www.zippia.com

Zippia

https://www.zippia.com

Florida's average salary is about $48,590, but you will need to make more to live comfortably in Miami. Let's say you spend $2,350 per month in housing, $450 for food, $130 for utilities, and $150 for transport. Adding those up, that means you need to make roughly $3,080 per month to get by (with no savings).

How Much Can a Landlord Raise Rent By in Florida? Florida landlords can raise rent by any amount they want to. In fact, Florida doesn't have any legal limits or caps on rent increases.

Florida Landlords can now ask for a fee instead of a security deposit.

Cheap Apartments in Miami, FL For Rent - 2662 ...

Rent.com

https://www.rent.com

Rent.com

https://www.rent.com

2662 Cheap Apartments in Miami, FL to find your affordable rental. Listings, photos, tours, availability and more. Start your search today.

Cheap Miami Apartments for Rent from $300 ...

ApartmentHomeLiving.com

https://www.apartmenthomeliving.com

ApartmentHomeLiving.com

https://www.apartmenthomeliving.com

Cheapest Neighborhoods for Apartments in Miami, FL. Pricing Updated: 09/03/2024. Current apartment rentals in the Miami, FL area range in price from $300 to $13...

Apartments for Rent in Miami, FL - 2661 Rentals ...

Apartment Guide

https://www.apartmentguide.com

Apartment Guide

https://www.apartmentguide.com

Choose from 2661 apartments for rent in Miami, Florida by comparing verified ratings, reviews, photos, videos, and floor plans.

According to MIT's Living Wage Calculator last updated on Feb. 14, 2024, a living wage for a single adult with no children in Miami-Dade County is $24.26 an hour. That means you should be making $50,460 a year. With a child, that amounts jumps to $39.58 an hour, or about $82,326 annually.

CRITERIA REQUIREMENTS:

1. Proof of Current Income: It is important that you provide the source of income that will cover the term of the lease. ...
2. Income Requirement: ...
3. Credit History: Must have satisfactory credit. ...
4. Criminal History: Must have satisfactory criminal background.

Florida Rental Application Criteria & Procedures

Watson Property Management

https://www.watsonrent.com

Watson Property Management

https://www.watsonrent.com

The cost of living in Florida is lower compared to some other states. The median household income in Florida is around $59,227. A good salary in Florida can range from $50,000 to $100,000 or more, depending on various factors.