Will Miami rents drop in 2024? The issue of high incomes in Miami is a recurring theme among Cuban immigrants living in this populous city in South Florida, United States. It is still an impossible point for newcomers or single people, as the salary is not that high and the increase is unsustainable.
According to this January 2024 report, local media AmericaTav reports, real estate experts predict that 2024 could be a good year for people looking to buy or rent a home in South Florida.
This is because a slight decline in sales and rental prices, as well as a greater supply of available residences, is expected. Additionally, the county will continue to attract new residents, increasing demand and housing growth.
However, not everyone shares this optimism. Many Miami-Dade residents doubt prices will drop significantly, as they have been rising non-stop for years. Some believe that the real estate market is overvalued and finding decent housing in the area is difficult.
High rental prices in Miami and surrounding areas
In this regard, according to a Miami media report, experts advise those who want to buy or rent a house to prepare well before doing so. Among other things, they recommend paying taxes correctly, as this influences the loan terms and amount that can be obtained.
Residential rental prices fell between 1% and 15% at the end of the year in many locations in Miami-Dade, Broward and Palm Beach counties, according to a monthly Miami metro report published by rental company Jumper.
Among the cities that saw the biggest rent price declines were Sunny Isles Beach, Plantation and Denia Beach for one-bedroom apartments, and Aventura, North Miami and Fort Lauderdale for two-bedroom apartments.