We all know that South Florida is a hot market for apartment rentals, but data shows just how far we outpace the rest of the state. Of the top 50 most expensive ZIP codes in the state, 42 are in Southeast Florida.
RentCafé analyzed data from Yardi Matrix and found that Coral Gables' ZIP code, 33146, has the highest average rents in the Sunshine State at $2,617/month, a 6% increase over last year.
Downtown Miami, 33131, comes in second, with renters paying an average of $2,590/month. That is followed by Boca Raton ZIP codes 33431 and 33487. With an 8% and 13% year-over-year increase, respectively, rents have popped up to $2,475 and $2,197.
What other areas of the state even come close? Fort Myers' 33967 enters the list at No. 15, with apartments there costing an average of $2,081/month. St. Petersburg is No. 18 with ZIP code 33701 ($2,006/month) and Tampa's 33602 came in 24th place ($1,868/month). Inland, only Orlando's 32826 is notable ($1,715/month), reaching No. 35 on the list.
It is worth noting that some ritzy areas, like Palm Beach and Coconut Grove, did not make the list at all because they are dominated by single-family homes, while the study only looked at apartments.
Still, despite all of our valuable turf, overall, the Sunshine State's average apartment rent is $1,231/month, below the national average, but the highest of all Southern states.
Of course, while high apartment prices make good news for landlords and investors, the average renter may consider South Florida unaffordable, especially as wages stagnate.
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