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Apartments for Rent in Miami, FL under $1400 – 67 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%

    The best apartments in Miami, FL under $1,400

    We know that comfort and convenience are essential elements to your well-being, and that is why we selected the best apartments for rent in Miami, FL. The monthly rent does vary on the property type, but you can find cheap luxury apartments listed for up to $2,241. Exclusively designed to satisfy your needs, these modern apartments include high-level amenities and a décor designed to provide the utmost in convenience. Offering quality living and comfort, our stylish apartments for less than $1,400 present a unique lifestyle for anyone who is looking to take it to the next level.

    How to find the best rental near you

    If searching for your perfect apartment gets a little bit too overwhelming, use the RENTCafé filters and you’ll find something for your taste. If you’d rather sacrifice space for a good location, search for a studio or a 1-bedroom apartment in one of the city’s top-rated neighborhoods. If you want to share or if you need more space, choose from our selection of spacious 2-bedroom or 3-bedroom apartments. Asking yourself “how do I find desirable apartments near me?” is quite a challenge, but RENTCafé can help by making your apartment search an enjoyable experience. Make the most of your money by selecting whatever you consider suitable, knowing that the apartments come with thoughtful amenity packages and are located in well-maintained, modern buildings.

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