With the expanding population and the desirable weather, prices of homes, apartments and condominiums are rising higher and higher. It’s no secret that the cost of living is a concern to most people considering the big move to Miami.
Read on to explore the top neighborhoods in Miami where prices are increasing the most.
1. Brickell
Photo by Ryan Parker on Unsplash
- Price increase over the past year: 23.9%
- Average rent for one-bedroom in Brickell: $2,749
- Average rent for one-bedroom in Miami: $1,900
Known as one of the most trendy areas in Miami, Brickell had the highest percentage increase in rent over the past year. With lots of new development and a bustling business hub along Brickell Avenue, Brickell is one of the hottest neighborhoods to live in the city — and the price shows.
Despite this, Brickell is becoming home to many millennials and young professionals who enjoy all the perks this city has to offer.
2. Downtown
Photo by Anahi Martinez on Unsplash
- Price increase over the past year: 13.5%
- Average rent for one-bedroom Downtown: $2,434
- Average rent for one-bedroom in Miami: $1,900
Downtown Miami comes in at second place for the percentage of price increase for the past year. The downtown area is known as a little sibling of Brickell. There are less walkable areas than Brickell, but the attractions are just as enjoyable.
This area is home to many large corporations with a young workforce. To live directly on the water overlooking the Biscayne Bay, you’ll pay a hefty price.
3. Upper Eastside
Photo courtesy of Miami Bay Midtown Residences
- Price increase over the past year: 11.6%
- Average rent for one-bedroom in the Upper Eastside: $1,910
- Average rent for one-bedroom in Miami: $1,900
Located just north of the popular, artsy Wynwood area lies the Upper Eastside of Miami. The area is becoming more and more expensive over time.
From Morningside up towards Belle Meade Park & Island, the Upper Eastside boasts beautiful views of the bay and an exceptional, less noisy place to live. It’s close enough to be in on all the action without being directly in the middle of it, and for that, residents are paying more money to live here.
4. South Beach
Photo by Matt Alaniz on Unsplash
- Price increase over the past year: 7.6%
- Average rent for one-bedroom in South Beach: $1,986
- Average rent for one-bedroom in Miami: $1,900
As the most premiere and recognizable name in all of Miami, South Beach living is still on the rise. With popular restaurants on nearly every street corner, numerous bars and outstanding shopping along Lincoln Road, South Beach is just as vibrant as ever.
The party never stops here, and apparently neither does the increase in price to live!
5. Dadeland
Photo courtesy of Pearl Dadeland
- Price increase over the past year: 3.4%
- Average rent for one-bedroom in Dadeland: $2,099
- Average rent for one-bedroom in Miami: $1,900
Dadeland makes the list as the only area that isn’t directly on the water. Dadeland lies within the metropolitan suburbs of Kendall, and it’s full of residential opportunity. Its popularity is thanks to its location.
The Metrorail connects this community to the Miami International Airport and Downtown Miami. This transportation hub’s growing popularity has increased the price to live little by little.
Methodology
We looked at all neighborhoods in Miami with sufficient available inventory on Apartment Guide and Rent. and compared the average price from March 2018 to March 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on March 2019 multifamily rental property inventory on ApartmentGuide.com and Rent. and is used for illustrative purposes only. The data contained herein does not constitute financial advice or a pricing guarantee for any apartment.
