Will rental prices go down in 2024?

Will Miami rents go down in 2024? The problem of high incomes in Miami continues to be a recurring theme among Cuban expats living in this densely populated city in southern Florida, USA. For newcomers or single people, this is still an intractable issue, since salaries are not that high and growth is unsustainable.

According to a January 2024 report from local media outlet AmericaTeve, real estate experts predict that 2024 could be a good year for those looking to buy or rent a home in South Florida.

This is because sales and rental prices are expected to fall slightly, as well as an increase in the supply of affordable housing. Additionally, the county will continue to attract new residents, driving housing demand and growth.

However, not everyone shares this optimism. Many Miami-Dade residents doubt prices will come down significantly since they have been rising non-stop for years. Some believe that the real estate market is overvalued and that it is difficult to find decent housing in the area.

High rental prices in Miami and surrounding areas.

In this regard, according to Miami media, experts advise those who want to buy or rent a home to prepare well before doing so. Among other things, they recommend filing taxes correctly, as this affects the terms and amount of the loan you can get.

Rental prices fell 1% to 15% at the end of the year in several locations in Miami-Dade, Broward and Palm Beach counties, according to Miami Metro’s monthly report released by rental company Zumper.

The cities that saw the largest declines in rental prices were Sunny Isles Beach, Plantation and Dania Beach for one-bedroom apartments, and Aventura, North Miami and Fort Lauderdale for two-bedroom apartments.