APRIL2019 Miami-Fort Lauderdale Metrofiles.zillowstatic.com/research/public/rental/ZRI... · Zillow...
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www.zillow.com/research/ APRIL2019 Miami-Fort Lauderdale Metro National Rents Current: $1,477 Monthly Change: 0.2% Annual Change: 2.6% Miami Metro Rents Current: $1,928 Monthly Change: 0.3% Annual Change: 3.3% Breakeven Horizon 2 years Major Cities - Rents Miami Current: $2,068 Monthly Change: 0.2% Annual Change: 2.3% Breakeven Horizon: 3.9 years Hialeah Current: $1,875 Monthly Change: 0.1% Annual Change: 3.9% Breakeven Horizon: 1.7 years Boca Raton Current: $2,339 Monthly Change: 0.3% Annual Change: 1.9% Breakeven Horizon: 2.1 years Fort Lauderdale Current: $1,874 Monthly Change: 0.6% Annual Change: 4.2% Breakeven Horizon: 2.5 years Boynton Beach Current: $1,928 Monthly Change: -0.3% Annual Change: 4.4% Breakeven Horizon: 1.9 years Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community City ZRI Year-over-Year -2.9% - -2.3% -2.2% - -1.3% -1.2% - -0.6% -0.5% - -0.1% 0.0% - 1.1% 1.2% - 2.3% 2.4% - 3.8% 3.9% - 5.7% 5.8% - 8.7% Metro Cities: Top/Bottom by Annual Rent Appreciation Top: Palm Beach Shores 8.7% Palm Beach 8.3% Tequesta 8.1% Hillsboro Beach 7.3% Lauderdale-by-the-Se 5.7% Bottom: Fisher Island -2.9% Gulf Stream -2.3% Olympia Heights -1.6% Lake Clarke Shores -1.5% Sunset -1.4% Metro Neighborhoods: Top/Bottom by Annual Rent Appreciation Top: Landings 30.9% Upper Eastside 10.9% Harbor Village 8.9% Hillsboro Shores 8.9% Laudergate Isles 8.5% Bottom: Coral Ridge -1.8% High Point -1.8% Downtown -1.3% Belle Isle -1.3% La Gorce -1% How do we measure rents? To track rents, we use the Zillow Rent Index (ZRI). The ZRI is the midpoint of estimated rents in a given region. Half the estimated rental prices are above this number and half are below. What is the Breakeven Horizon? The Breakeven Horizon in the number of years you must live in a home before owning the same home becomes more financially advantageous than renting the home. For example, if ’City X’ had a Breakeven Horizon of 5.5 years, it is financially better for you to rent in ’City X’ unless you plan on living there for more than 5.5 years.
Transcript of APRIL2019 Miami-Fort Lauderdale Metrofiles.zillowstatic.com/research/public/rental/ZRI... · Zillow...
www.zillow.com/research/
APRIL2019 Miami-Fort Lauderdale Metro
National Rents
Current: $1,477Monthly Change: 0.2%Annual Change: 2.6%
Miami Metro Rents
Current: $1,928Monthly Change: 0.3%Annual Change: 3.3%
Breakeven Horizon2 years
Major Cities - Rents
MiamiCurrent: $2,068Monthly Change: 0.2%Annual Change: 2.3%Breakeven Horizon: 3.9 years
HialeahCurrent: $1,875Monthly Change: 0.1%Annual Change: 3.9%Breakeven Horizon: 1.7 years
Boca RatonCurrent: $2,339Monthly Change: 0.3%Annual Change: 1.9%Breakeven Horizon: 2.1 years
Fort LauderdaleCurrent: $1,874Monthly Change: 0.6%Annual Change: 4.2%Breakeven Horizon: 2.5 years
Boynton BeachCurrent: $1,928Monthly Change: -0.3%Annual Change: 4.4%Breakeven Horizon: 1.9 years
Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community
City ZRI Year-over-Year-2.9% - -2.3% -2.2% - -1.3% -1.2% - -0.6% -0.5% - -0.1% 0.0% - 1.1% 1.2% - 2.3% 2.4% - 3.8% 3.9% - 5.7% 5.8% - 8.7%
Metro Cities: Top/Bottom by Annual Rent AppreciationTop:Palm Beach Shores 8.7%
Palm Beach 8.3%
Tequesta 8.1%
Hillsboro Beach 7.3%
Lauderdale-by-the-Se 5.7%
Bottom:Fisher Island -2.9%
Gulf Stream -2.3%
Olympia Heights -1.6%
Lake Clarke Shores -1.5%
Sunset -1.4%
Metro Neighborhoods: Top/Bottom by Annual Rent AppreciationTop:Landings 30.9%
Upper Eastside 10.9%
Harbor Village 8.9%
Hillsboro Shores 8.9%
Laudergate Isles 8.5%
Bottom:Coral Ridge -1.8%
High Point -1.8%
Downtown -1.3%
Belle Isle -1.3%
La Gorce -1%
How do we measure rents? To track rents, we use the Zillow Rent Index (ZRI). The
ZRI is the midpoint of estimated rents in a given region. Half the estimated rental prices
are above this number and half are below.
What is the Breakeven Horizon? The Breakeven Horizon in the number of years you
must live in a home before owning the same home becomes more financially advantageous
than renting the home. For example, if ’City X’ had a Breakeven Horizon of 5.5 years,
it is financially better for you to rent in ’City X’ unless you plan on living there for more
than 5.5 years.
APRIL2019
*Top cities and neighborhoods by size within the metro are listed. Additional counties, cities, neighborhoods and zip codes may be available online at
www.zillow.com/research/data or by emailing [email protected]
Zillow Research:Zillow R© is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the placethey call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics andanalytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housingdata and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price ExpectationsSurvey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow HomeValue Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence inlocal housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), andheadquartered in Seattle.
www.zillow.com/research/
Largest Cities Covered by Zillow
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Boca Raton 2.1 2,339 1.9 2,300 1.4Boynton Beach 1.9 1,928 4.4 1,850 1.2Coral Springs 2.2 2,069 3.2 1,800 1.2Davie 2.1 2,047 3.9 1,900 1.3Deerfield Beach 1,579 3.8 1,600 1.5Delray Beach 1.5 1,756 3.4 1,850 1.4Fort Lauderdale 2.5 1,874 4.2 2,100 1.7Fountainbleau 1.7 1,620 1.8 1,650 1.5Hialeah 1.7 1,875 3.9 2,000 1.5Hollywood 1.9 1,780 3.9 2,000 1.5Homestead 1.4 1,617 3.3 1,600 1.1Jupiter 2.4 2,428 3.1 2,300 1.6Kendale Lakes 2 1,796 2.8 1,700 1.5Kendall 2.3 2,050 0.4 1,850 1.4Lauderhill 1,467 3.3 1,300 1.3
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Miami 3.9 2,068 2.3 2,430 2Miami Beach 7.3 2,135 1.3 2,400 2.6Miami Gardens 1,849 2.8 1,810 1.4Miramar 2 2,012 3.3 2,040 1.3North Miami 1,799 3 1,600 1.6Palm Beach Gardens 2.3 2,314 -0.6 2,250 1.4Pembroke Pines 1.9 1,991 2.9 2,000 1.3Plantation 2 1,957 3.3 1,900 1.3Pompano Beach 1.5 1,687 3.1 1,700 1.5Sunrise 1.5 1,727 3.3 1,800 1.4Tamarac 1.4 1,565 3.5 1,500 1.3Tamiami 2.3 2,276 0 2,200 1.4Wellington 2 2,590 2.8 1.3West Palm Beach 1.6 1,688 2.4 1,750 1.3Weston 2.6 2,527 2.9 2,500 1.4
Largest Neighborhoods Covered by Zillow
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Alameda 2.6 1,975 4.6 1,850 1.6Allapattah 1,708 2.8 1.6Boulevard Heights 1,822 2.8 1.5Brickell 7.5 2,273 -0.5 2,500 2.4Central 1,250Coral Way 4 2,152 2 2,000 1.8Downtown 7.7 2,240 -1.3 2,400 2.4Flagami 2.1 1,892 5.1 1,550 1.7Flamingo Lummus 7 1,761 1.3 1,980 2.7Hollywood Hills 2 2,349 3.3 1.3
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Hollywood Lakes 2.5 2,228 0.7 2,500 1.6Liberty City 1,692 1.6 1.5Little Haiti 1,871 3.7 1,900 1.6Little Havana 1,686 3.4 1,600 1.9North Central 1,576 5.1 1,430 1.5North Shore 5 1,894 2.2 2,200 2.1Sandalfoot Cove 1,700Shenandoah 3.9 2,311 1.8 2,500 1.6Villages of Palm Bea 1.2 1,456 1.3 1,400 1.2Wynwood 5.9 2,111 0.7 2,700 2.3
