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Apartments for Rent in Miami, FL under $1000 – 12 Rentals available

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Miami’s average rent reached $1,708 in January

Miami’s average rent reached $1,708 in January, after a 0.1% decrease since last year. A major U.S. business hub and a renter-majority city (67%), Miami is a desirable place to live and work in, with apartment prices above the national average of $1,392. [View Full Report]

Miami apartment rent report

Miami’s average rent was $1,708 in January

Miami’s average rent reached $1,708 in January, after a 0.1% decrease since last year. A major U.S. business hub and a renter-majority city (67%), Miami is a desirable place to live and work in, with apartment prices above the national average of $1,392.

This January, the average rent for an apartment in Miami decreased compared to other surrounding cities, such as Fort Lauderdale, where rents reached $2,010 after a 0.6% increase. Apartment rents in West Palm Beach went up by 4.7% compared to last year, reaching $1,549.

Miami apartment rent report

What it costs to rent in the largest renter hubs in the Miami area

A renter-majority city itself, Miami is surrounded by other cities popular among renters. The city with the largest renter share after Miami is Miami Beach, where renters make up 62% of the city’s population. Miami Beach apartments go for $1,984 on average, which is 0.7% more than last year. After a 2.8% increase, renting in Homestead (60%) averages on $1,320 a month. The average rent in Lake Worth, also with 60% renters, is $1,520 following an increase of 3.8%, while apartments in North Miami (54%) go for around $1,430 per month after a 3.5% increase compared to last January.

The priciest and cheapest cities for renters in the Miami area

Even after a 3.3% decrease, Coral Gables remains the priciest city for renters in the Miami area, with apartments going for $2,544 per month. Weston is the second most expensive with an average rate of $2,127, while Boca Raton's $2,083 average puts it in third place.

Homestead rentals are the most budget-friendly in the Miami area, with an average price of $1,320. For renters in search of more affordable options, next up are Lauderhill rentals, going for $1,338 per month. Lauderdale Lakes apartments are the third least pricey, with a $1,362 monthly average as of January.

Miami apartment rent report

Methodology

RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States. 

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

Miami, FL Demographics

  • Total Population451,214
  • Female 222,273
    Male 228,941
  • Median Age40.2

Average Rent in Miami, FL

  • Miami, FL Average Rental Price, December 2020 $1,697 /mo

    Miami, FL Apartment Rent Ranges

    • $701-$1,0005%
    • $1,001-$1,50032%
    • $1,501-$2,00043%
    • > $2,00020%

    Miami, FL Rent Trends

    Average Rent Jul / 2017 Nov / 2017 Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Nov / 2019 Mar / 2020 Jul / 2020 Dec / 2020
    Miami, FL $1,575 $1,604 $1,619 $1,662 $1,666 $1,685 $1,729 $1,703 $1,697 $1,687 $1,697
    National $1,373 $1,378 $1,381 $1,418 $1,428 $1,432 $1,468 $1,475 $1,477 $1,464 $1,462
    /

    Check out the average rent prices in Miami by neighborhood.

    Miami, FL Households

    • Total Number of Households171,036
    • Family 93,120
      Non-family 77,916
    • Children 41,354
      No Children 129,682
    • Average People Per Household2.58
    • Median Household Income$36,638
    • Median Housing Costs Per Month$1,141

    Miami, FL Education Statistics

    • No High School12%
    • Some High School38%
    • Some College17%
    • Associate Degree7%
    • Bachelor Degree16%
    • Graduate Degree10%

    Apartments in Miami, FL under $1,000

    Balancing snug and cheap is no joke when it comes to renting a place to live. “Are there any apartments near me under $1,000?” is a great question to start from. Knowing your budget means you’re one step ahead and on the right track. We’ve taken care of the rest and found 11 apartments for rent in Miami, FL on which you’ll spend less than $1,000. A small, cheap rental means you’ll have to budget your living space as well. The great news is that keeping it simple pays off in more than one way. The cost of utilities is likely to run low, and you get the added benefit of not having to spend too much time cleaning up the whole place. Smaller apartments are more likely to be closer to the city center, so there are potential cuts to your transportation costs too. And here’s one more very special secret to add to your book-of-perks: you’re less likely to overshop when you know your space is limited.

    Rentals near you under $1,000

    Our goal is to help you find cheap apartments that live up to your dreams without crushing your budget. It may be a long shot to go looking for 3 bedroom apartments or even 2 bedroom for less than $1,000. The average rental size in Miami, FL is 674 Sq.Ft., but the $1,000 limit will probably narrow your search to places with a smaller square footage. Go through our listings and be on the look-out for a hassle-free studio or a 1 bedroom apartment. We trust you’ll turn it into a cozy home which is also budget-friendly to the core.

    Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!