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Cheap Apartments for Rent in Miami, FL - 59 Rentals available


Miami’s average rent reached $1,697 in December

Miami’s average rent reached $1,697 in December, after a 0.6% decrease since last year. A major U.S. business hub and a renter-majority city (70%), Miami is a desirable place to live and work in, with apartment prices above the national average of $1,462. [View Full Report]

Miami apartment rent report

Miami’s average rent was $1,697 in December

Miami’s average rent reached $1,697 in December, after a 0.6% decrease since last year. A major U.S. business hub and a renter-majority city (70%), Miami is a desirable place to live and work in, with apartment prices above the national average of $1,462.

This December, the average rent for an apartment in Miami decreased more than in other surrounding cities, such as Fort Lauderdale, where rents reached $1,981 after a 0.3% decrease. Apartment rents in West Palm Beach went up by 3.9% compared to last year, reaching $1,530.

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 households. Miami Beach apartments go for $1,948 on average, which is 1.8% less than last year. After a 2.6% increase, renting in Homestead (61%) averages on $1,321 a month. Lake Worth and North Miami (56%) are also popular among renters. The average rent in Lake Worth is $1,514 following an increase of 3.3%, while apartments in North Miami go for around $1,427 per month after a 3.3% increase compared to last December.

The priciest and cheapest cities for renters in the Miami area

Even after a 5.2% decrease, Coral Gables remains the priciest city for renters in the Miami area, with apartments going for $2,514 per month. Weston is the second most expensive with an average rate of $2,113, while Doral's $2,076 average puts it in third place.

Homestead rentals are the most budget-friendly in the Miami area, with an average price of $1,321. For renters in search of more affordable options, next up are Lauderhill rentals, going for $1,333 per month. Lauderdale Lakes apartments are the third least pricey, with a $1,365 monthly average as of December.

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.

Look for cheap apartments near me

Finding the right apartment as far as size and location go is one aspect of apartment searching, but making sure that it provides all that you need within a reasonable price is another. On RENTCafé, you can search for cheap apartments near you and ensure that you find one that suites your needs. Worried the neighborhood or city you are looking to move to is known to have higher rents? You can browse our listings and find the cheap apartments in any location, whether you are looking at a specific neighborhood, ZIP code, or city.

The perfect apartment for you is out there, either near you or anywhere in the U.S. that you are looking to move to. So, let's find the one that satisfies your wants and needs, but that also comes at an affordable price.

Frequently Asked Questions

What is the price of a cheap apartment in Miami, FL?

The price range of a cheap apartment is between $830 and $2,117. Find cheap apartments in Miami, FL.

How many cheap rentals are available in Miami, FL on RENTCafé?

There are 41 cheap rentals available on RENTCafé. Prices and availability in Miami, FL were last updated on 15 Jan 2021.

What is the average size of a cheap apartment in Miami, FL?

The average Miami, FL cheap apartment size is 823 sq. ft.

What are the advantages of renting a cheap apartment in Miami, FL?

Cheap apartments in Miami, FL are usually less expensive, smaller, and easier to maintain. They also come with lower utility costs.

What are the downsides of renting a cheap apartment in Miami, FL?

A cheap apartment in Miami, FL offers little storage space and fewer amenities compared to other apartments. You might be interested in studio apartments, 1 bedroom apartments, 2 bedroom apartments or 3 bedroom apartments, or browse all RENTCafé apartments for rent in Miami, FL.

Renting a Cheap Apartment in Miami

Miami is the envy of cities worldwide for its beautiful beaches, clean streets and fun-loving citizens. Florida’s warm tropical climate encourages outdoor activities like fishing, sunbathing, snorkeling, boating, diving and much more. Miami’s gung-ho economy is driven by banking and investment firms, TV and media, tourism, trade and real estate. This is a melting pot where people from all over the globe come to live. With hundreds of nightlife and dining options, there’s no reason to be bored for a minute in Miami.

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, October 2020 $1,679 /mo

    Miami, FL Apartment Rent Ranges

    • $701-$1,0006%
    • $1,001-$1,50032%
    • $1,501-$2,00042%
    • > $2,00019%

    Miami, FL Rent Trends

    Average Rent Nov / 2017 Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Oct / 2019 Nov / 2019 Mar / 2020 Jul / 2020 Oct / 2020
    Miami, FL $1,604 $1,619 $1,662 $1,666 $1,685 $1,729 $1,704 $1,703 $1,697 $1,687 $1,679
    National $1,377 $1,380 $1,417 $1,426 $1,430 $1,466 $1,466 $1,473 $1,474 $1,461 $1,464
    /

    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%

    Looking for a cheap apartment for rent in Miami, FL? With RENTCafé, finding an affordable apartment in Miami, FL has never been easier. We feature 59 low-priced rentals directly from property managers, with rents lower than the Miami, FL average. What is a cheap rent in Miami, FL? The average apartment rent in Miami is $1,679 per month so any rental south of $1,343 would be considered cheap here. On RENTCafé, Miami, FL rents go as low as $830/mo.

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