New reports from real estate firm Redfin say the median asking rent for an apartment in the United States is $1,592, the lowest since March 2022. They also say the salary needed to afford that price is the lowest it has been in three years–$63,680.
Miami, however, remains the second-most unaffordable city in the U.S., according to Redfin.
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WATCH HEREThere is some good news though for renters in the city: experts say local rents have still fallen by as much as $200, and Redfin says they’re supposed to get more affordable in 2025.
Let’s break it down.
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Miami second-most unaffordable in the U.S.
Although the national trend appears to show rent prices either staying the same or falling slightly, the Miami metropolitan area remains among the most expensive, according to Redfin.
The study says Providence, Rhode Island, has the least affordable rents for median incomes in the country.
Local
Miami comes in second.
According to Redfin, an annual income of $94,920 is needed to pay the median rent–$2,373–in Miami, but the median income in the city in 2024 was $57,157, almost 40 percent less.
New York, Los Angeles and Boston round out the top five least affordable cities in the U.S.
| Rank | Metro | Median Asking Rent (Dec 2024) | Income Required To Afford Median Asking Rent (Dec 2024) | Estimated Median Renter Income (2024) | % Difference Between Income Required and Estimated Median Renter Income |
| 1 | Providence, RI | $2,145 | $85,800 | $50,408 | -41.25% |
| 2 | Miami, FL | $2,373 | $94,920 | $57,157 | -39.78% |
| 3 | New York, NY | $2,805 | $112,200 | $71,376 | -36.39% |
| 4 | Los Angeles, CA | $2,780 | $111,200 | $73,419 | -33.98% |
| 5 | Boston, MA | $2,660 | $106,400 | $73,116 | -31.28% |
| 6 | San Diego, CA | $2,831 | $113,240 | $78,357 | -30.80% |
| 7 | Riverside, CA | $2,266 | $90,640 | $63,162 | -30.32% |
| 8 | Tampa, FL | $1,735 | $69,400 | $54,654 | -21.25% |
| 9 | Philadelphia, PA | $1,865 | $74,600 | $58,970 | -20.95% |
| 10 | Buffalo, NY | $1,310 | $52,400 | $41,905 | -20.03% |
Experts say South Florida rents on the decline
Marta Carvajalino, a real estate agent with the Keyes Company, says renters have more to choose from now that more rental communities operated by a single leasing agency “are being built in Miami.”
Those rental communities can also accept smaller deposits “compared to what property owners are asking for,” Carvajalino said.
That increased supply has led to prices being lowered “by as much as $200 per property,” she said.
Redfin Senior Economist Sheharyar Bokhari shared a similar analysis.
“Rental affordability will continue improving this year, as wages grow and rents remain flat, thanks to the recent boom in apartment construction,” she said.
Renting still cheaper than buying
According to Bokhari: “The affordability gap between renting and buying is likely to widen further in 2025, as home prices rise and mortgage rates remain high. That means potential homebuyers—especially from younger generations—may decide to continue renting for longer, as it’s the only affordable option.”
