Rental listing website and app Radpad knows that Miami's future is mass transit (albeit its relatively distant future considering how much coverage is lacking), so using rental data from May to June of this year they've calculated the median rental price for a one bedroom apartment at each of Metrorail's 23 stops. According to the resulting infographic and a deeper look into the numbers, rents are predictably priciest in the Downtown core, becoming relatively more affordable as one goes north or south, and of course dropping significantly in price in the economically depressed Brownsville, Earlington Heights, Martin Luther King Jr. areas before rebounding near the northern end-of-the-line at the Palmetto Station.
No rental dataset is really complete, however, considering many rentals aren't formally listed and a few other factors. Even though everything should be taken with a grain of salt, the results are very telling of the rental situation in Miami. According to a representative from Radpad, below are a few more highlights of their findings. They also go into even more detail over in this blog post.
· Looking to live in the heart of Miami's fast-paced series of new downtown buildings? Well, it won't be cheap. Government Center, Brickell, and Historic Overton (the three closest stops to downtown) top the list of the highest median rents with $1,900/month, $2,050/month, and $2,300/month, respectively. Considering these stops are in the center of Miami's social scene and can now bring you close to the Miami International Airport, the cost seems to match the benefit. · Are you a dedicated Marlin's fan? With the Culmer and Civic Center stops located within just a mile of Marlin's Park, it looks like the cost of enjoying America's past time in your backyard comes at a price with $1,450/month and $1,550/month respectively (not bad considering you're just north of the downtown area).
· With 62% of University of Miami students living off campus, the demand for close proximity makes for a steeper cost of living. Although it seems to beat out its neighboring Dadeland South stop at $1,687/month, the cost of living near the University's Coral Gables stop comes in at $1,550/month.
· Despite most of the data, it looks like not all Miami living is out of reach. Head over to Brownsville and Earlington Heights, where the rent drops down to $700/month and $795/month respectively.
· Here's what it'll cost to rent a one-bedroom apartment in Miami [Radpad]
· Market Analysis coverage [Curbed Miami]