MIAMI – If you’re from out-of-state and looking to make the move to sunny South Florida, you may likely assume — and with good reason — that Miami is more expensive to live in than Fort Lauderdale. However, for the first time in years, it’s cheaper to rent in the 305 than in the 954.
According to the latest nation rent report by Zumper, Miami’s median rent from January 2020 to January 2021 decreased by a whopping 9.1%, while Fort Lauderdale’s median rent rose by 3%.
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Currently, Miami’s average rent is $1,600 per month for a one-bedroom unit, versus $1,690 in Fort Lauderdale for the same unit.
However, despite this major shift, Miami and Fort Lauderdale are still among the top 15 most expensive cities for rent, according to the report. Fort Lauderdale ranked as the 11th most expensive, while Miami is in the 13th spot.
Also notable on the list was the fact that Seattle ($1,560 per month), Chicago ($1,540 per month), and Atlanta ($1,480 per month), are all currently cheaper than Miami and Fort Lauderdale.
This rent decrease in Miami may also be why the city is aiming at becoming a new “tech hub,” with Spotify among one of the companies looking to secure a headquarters down in the Sunshine State. Miami has made its intentions clear that the city is eager to welcome tech companies that are fleeing traditional tech hubs, such as San Francisco and New York City.