Miami has a fairly large rental housing market — more than 66% of the city's residents do not own their own property. The highest return on investment comes from middle-class houses and apartments, which cost from USD 300,000 to USD 400,000. The monthly rental income for such housing is USD 2,000 – USD 2,400.
About 33% of all Miami properties are occupied by tenants. As of March 2021, average rental prices were the following:
- one-bedroom apartment — USD 1,350 per month
- two-bedroom apartment — USD 2,048 per month
- three-bedroom apartment — USD 2,800 per month
- four-bedroom apartment — USD 4,200 per month
Low-cost districts in Miami are:
- Palmer Lake
- Mays Gardens
- Brandon woods
- Coral Woods
- Dixie Heights Gardens
The most sought-after neighbourhood in the city has always been and still is Miami Beach. It has a unique and recognizable look, but most of the housing located there are overpriced, even in comparison to other properties in Miami. The district has been named the most overpriced part of the city four years in a row.