Miami Area Median Rents Fall 2.6 Percent in June

Median asking rents in the Miami-Fort Lauderdale-West Palm Beach area dropped to $2,277 in June 2026, representing a 2.6% decrease from the previous year. According to Realtor.com, this downward trend is part of a broader 35-month decline in asking rents across the 50 largest metropolitan areas in the United States. Despite this dip, housing costs in the region remain significantly higher than they were before the pandemic.

Data from the National Low Income Housing Coalition indicates that rental homes remain largely unaffordable for low-wage workers across Florida. The organization's 2026 Out of Reach report finds that a worker earning the state minimum wage of $14 per hour would need to work 91 hours per week to afford a one-bedroom apartment.

Regional disparities in affordability are stark. In the Miami-Miami Beach-Kendall area, a housing wage of $46.85 per hour is required to afford a two-bedroom apartment at fair market rent. Monroe County is the state's most expensive region, requiring a housing wage of $48.15 per hour for a two-bedroom unit.