Miami sees biggest rent drop among top US cities, despite high prices

• Rent in Miami could be on a downward trend, according to a recent report by Zumper.
• The median rent price for a one-bedroom apartment in the city dropped around 4%, compared to last year.
• Miami previously ranked last for most affordable rents in a study of 182 cities, according to an April report by WalletHub.

Rent in Miami could be on a downward trend, according to a recent report.

The median rent price for a one-bedroom apartment in Miami was $2,590, which represented a 4.10% decrease from the median price at the same time last year, as well as a 0.4% increase from the previous month, stated a report by Zumper, a digital marketplace for renters. That was the largest year-over-year decline for any city among the top 10 with the highest median rent prices — Miami placed sixth overall out of the 100 cities Zumper surveyed, down one rank from last year.

The median rent price for two-bedroom apartments in the city, meanwhile, was $3,300, which was a 2.20% increase from the prior month, but a 5.40% decrease from the same time last year.

San Jose, California bumped Miami down a spot from 2025, with a median one-bedroom rental price of $2,600. New York City, which ranked first, had a median one-bedroom price of $4,680, followed by San Francisco at $4,000 and Boston at $3,000.

Nationally, the median rent for a one-bedroom rose 0.7% month-over-month to $1,519, and the median rent for a two-bedroom climbed 0.4% to $1,903, "a sign that spring leasing season is finally pulling prices up the way it historically has, after two unusually muted years," said the report.

Miami previously ranked last for most affordable rents in a study of 182 cities by WalletHub, published in April. Median annual gross rents in the city were 33.8% of the median annual income.

Sarah Perkel is a South Florida Connect Reporter for the USA TODAY Network's Florida Connect team. You can get all of Florida’s best content directly in your inbox each weekday day by signing up for the free newsletter, Florida TODAY.