1. Home
  2. Rent Prices For Single-Family Homes Increased 20% In 1 Year

Rent Prices For Single-Family Homes Increased 20% In 1 Year

September 1, 2021

Prospective home buyers, who are priced out of the booming housing market, are flocking to rentals as a flexible and more immediately affordable alternative. Unfortunately, prices are soaring there as well.

The average rent price of single-family homes in Miami-Dade County increased by 20% in July year-over-year.  The average rental price for a single-family home in July 2020 was $4,536 and it jumped to $5,438 in July 2021.

Multiple factors are contributing to the rise.  Many of those unable to buy homes are city residents who opted to rent in the suburbs during the pandemic, which has further driving demand for single-family homes.  Additionally, many companies and those who work remotely have opted to relocate to Miami, creating a housing shortage.

Condo rents in Miami-Dade County also increased during the same period, although less dramatically. The average rent price of condos increased by 13% in July year-over-year.  The average rent price was $3,634 in July 2020 and it jumped to $4,138 in July 2021.

Source: Southeast FL MLS

If you’re thinking of selling and curious about the value of your home in today’s evolving real estate market, contact Rebeca Castellon Group today. We would be happy to provide you with a no pressure home valuation and help you reach your real estate goals!

Connect with us:
Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

Instagram: Rebeca Castellon Group
LinkedIn: Rebeca Castellon
Facebook: Rebeca Castellon Group

Edit Search

  • Email Updates
  • Only Update me On
Close
Email Sent! Your email was sent succesfully
Close
Register
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    When are you looking to purchase?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need assistance with financing?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need to also sell your property?