Craigslist Efficiency For Rent In Miami (2024)

FAQs

Are efficiencies legal in Miami? ›

Miami-Dade law makes efficiency apartments legal in suburbs | Miami Herald.

How has the rent in Miami, FL changed in the last year? The median rent price in Miami, FL for August 2024 is $3,200. This is $250 less than August 2023.

The relationship between landlords and tenants in Miami can be influenced by the competitive nature of the market. High demand can lead to quicker leasing processes and sometimes less room for negotiation on terms.

Among Miami residents, there is a homeowner vacancy rate of 3.2% and a rental vacancy rate of 6.8% from a total of 196,618 units.

In short - The state of Florida does not provide a limit to rent increases.

Report the Problem.

Call 311 or the Code Compliance hotline (305) 416-2087 to report the issue.

According to MIT's Living Wage Calculator last updated on Feb. 14, 2024, a living wage for a single adult with no children in Miami-Dade County is $24.26 an hour. That means you should be making $50,460 a year. With a child, that amounts jumps to $39.58 an hour, or about $82,326 annually.

Will rent prices go down in Florida in 2024? Despite the overall cooling of the housing market, rent prices in Florida are not expected to decrease substantially in 2024.

What is the average rent in Miami, FL? As of August 2024, the average rent in Miami, FL is $2,080 per month. This is 35% higher than the national average rent price of $1,536/month, making Miami one of the most expensive cities in the US.

The lowest rental rates are usually found between October and April, particularly right after the December holiday season. Fewer people are interested in moving—the weather's bad, schools are in session, etc. So individuals renting between the months of December and March typically find the best rental bargains.

What is the rent burden in Miami? ›

Coming in second, Miami renters, on average, spend 36.6% of their income on rent each month.

Winter. Winter is considered the peak season for tourism in Florida, making it a great time to rent an apartment if you're looking for a wide selection of rental properties and competitive prices.

Miami's rental market has been experiencing a surge in demand driven by several factors. The city's growing job market, particularly in tech and finance, has attracted an influx of young professionals seeking high-quality accommodation.

They found the average home in the region is nearly 35% overvalued relative to its long-term pricing costs, and they're sounding the alarm. “This trend does concern me as prices are still going up in the Miami metropolitan area, but not in the rest of the measured areas in Florida,” Ken H.

This surge in rental cost is reflected in the rent-to-income (RTI) ratio for Miami, which climbed from 35.9% in 2019 to 37.0% by the end of 2023, making it the second least affordable metro in the U.S. and placing it just behind New York City, another high-cost metro.

Practice Safe Renting

However, pursuant to the Miami Beach City Code (Sec 142-1111) and City Code (Sec 142-905 (b)), vacation/short-term rentals are prohibited in all single-family homes and in many multi-family housing buildings in certain zoning districts of Miami Beach.

Under the new ordinance, property owners in Miami-Dade County can build a detached guest house or ADU if it meets zoning requirements. This includes respecting size limitations and ensuring compliance with local building codes. It provides a viable option for homeowners seeking to maximize their property use.

Under HB 1365: Homeless individuals are prohibited from camping on city streets, sidewalks, and parks—and instead placed in temporary shelters monitored by law enforcement agencies. The state of Florida has the enforcement tools needed to ensure local governments comply.

An efficiency apartment is a single room dwelling with open space to sleep, cook, and lounge within it. There are no walls separating these areas. The only separate room is the bathroom, which legally must be walled-off. This might sound a lot like a studio apartment—but there's a key difference: the kitchen.