Considering moving to Miami, Florida? If beautiful beaches, upward mobility, cultural diversity and warm winters matter to you, the benefits of living in Miami might change your life for the better. From the famous Miami beaches of Biscayne Bay in the East, to the stunning natural wildlife in Everglades National Park to the West, the city is full of diverse cultures, art, music, and food.
As opposed to some US cities, moving to “Magic City” is fairly simple. The housing market is competitive. But it shouldn’t take newcomers more than a few weeks to find a home, condo, or apartment. Additionally, in a city where over 50% of the residents were born overseas, expats should have no problem feeling welcomed.
ABOUT LIVING IN MIAMI
430,000 people call the city of Miami home and nearly 2.8 million people live in Miami-Dade County. A much larger geographical area that encompasses dozens of independent municipalities. Almost 60% of the population was born internationally, with the vast majority of those residents being Hispanic.
Miami’s cost of living is higher than most cities. Depending on where you’re moving from, but compared to other cities like New York, L.A., or San Francisco, your rent and other expenses might feel low. However, do not forget, no state income tax!
Transportation in Miami, like any growing city, can be challenging. Depending on your neighborhood, commuting to downtown and other areas for work can mean sitting in traffic longer than you’d like. While commute times average under 30 minutes, this will vary widely based on where you work and live.
As is the case with every Florida city, getting around without a car isn’t easy. Although Miami has a number of transit options like buses and trolleys to the Metrorail and Metromover – having your own vehicle will make life much easier.
MIAMI NEIGHBORHOOD GUIDE
Officially there are 36 cities, villages and towns. That make up Greater Miami and the beaches, each with its own unique identity. From rural to suburban and city areas, Miami has something for everyone. Finding the perfect home among roughly 40 Miami neighborhoods can feel overwhelming. Our quick guide of some of the best neighborhoods in Miami will help you find where to live.
COCONUT GROVE
Coconut Grove, or “The Grove” to many locals, has an ideal blend of interesting things to do and a laid-back environment for enjoying them. Once home to Miami’s artists and writers, Coconut Grove has maintained the artsy, relaxed feeling. This pedestrian-friendly neighborhood is celebrated for exploring beautiful art deco residences and gardens, biking along the boardwalk, and shopping in eclectic boutiques. Rich with history, Coconut Grove is a relaxed and gorgeous place to call home.
Average monthly rent in Coconut Grove: $1,700
WYNWOOD
Though you’d never know it by walking down its bustling streets, the neighborhood now called Wynwood was once fully industrial, filled with auto shops and warehouses. Today, Wynwood is one of Miami’s hottest neighborhoods, dubbed the arts district of Miami. Filled with galleries, phenomenal bars and restaurants, artisanal coffee shops and more, Wynwood is well worth your time to explore as a home.
The neighborhood is eclectic and friendly, and you’ll never find yourself with nothing to do, whether you prefer brewery hopping, yoga, farmer’s markets, or simply wandering through the truly-everywhere street art.
Average monthly rent in Wynwood: $2,150
LITTLE HAVANA
West of Downtown Miami, you’ll find the epicenter of Miami’s Cuban culture: Little Havana. Teeming with history, this area is where many refugees settled in Florida. You may find older gentlemen playing a game of dominos or sharing stories over a cup of Cuban coffee in a sidewalk café. If you choose to call Little Havana home, you’ll enjoy culture, residents who love their neighborhood, and fantastic food and drink around every corner.
Average monthly rent in Little Havana: $1,400
SOUTH BEACH
When most people think about living in Miami, they think about South Beach: beautiful people on an even more beautiful beach, an insane party scene, celebrities, and art deco architecture. If what you’re looking for is to extend spring break as long as possible, South Beach might be the perfect place for you. If you live for the beach and a good time, consider South Beach for your new home.
Average monthly rent in South Beach: You can find apartments starting in a range from about $1,400 to $2,000.
BRICKELL
Brickell is Miami’s financial district. It has spent many years as a place where people worked, but not where they lived or played. Adjacent to Downtown Miami and not too far from South Beach, Brickell has had something of a revival in recent years as young professionals came in waves, bringing with them new development of high-rise condos, trendy restaurants and bars, and other trappings of urban living.
With excellent walkability, Brickell may feel a little less Miami than other more historic neighborhoods, but if you’re a city dweller who values accessibility and always having something to do, you’ll love Brickell.
Average monthly rent in Brickell: $2,200
MIAMI DESIGN DISTRICT
While the Design District doesn’t boast as many nightclubs as South Beach or the historic culture of Little Havana, this has become one of the hippest ZIP codes in the city over the last few years. Not unlike Wynwood, this formerly industrial district has undergone swift development that has taken it from Warehouse Central to Miami’s best shopping district. Exploring Miami Design District, you’ll find showrooms of unique furniture, designer boutiques, and some of the best museums and dining in the city.
Average monthly rent in Miami Design District: $2,100
DOWNTOWN MIAMI
Centrally located, Downtown Miami has a lot to offer a city-lover, despite being overlooked and underdeveloped for a number of years. Today, Miami boasts the third largest skyline in the nation, filled with gleaming skyscrapers — and more taking shape. Downtown offers many outdoor spaces and parks, along with shopping, restaurants, nightclubs, and coastal marketplaces.
Average monthly rent in Downtown Miami: $2,200
CORAL GABLES
This affluent area is described by many as one of the most beautiful neighborhoods not just in Miami, but in America. It’s easy to see why: Coral Gables is filled with 1920s Spanish architecture in jewel tones, Florida oaks, and lush greenery everywhere you look. Just a few minutes from the beach, it also features excellent public schools and is one of the safest neighborhoods in Miami, attracting families from other parts of the city.
Average monthly rent in Coral Gables: $2,170
PINECREST
Located southwest of Downtown and directly west of Coral Gables, the Village of Pinecrest is a popular destination for families. With a less frenetic feel than other areas of Miami, the Village neighborhoods feature more suburban daytime activities with farmer’s markets, playgrounds, and community programs. Pinecrest is considered one of the safest neighborhoods in Miami and has a great network of public schools to boot.
Average monthly rent in Pinecrest: $2,000
KEY BISCAYNE
Boat due east from Coconut Grove and find yourself in the island-luxe of Key Biscayne. Once home to mostly coconut plantations, today Key Biscayne is home to terrific parks and outdoor spaces featuring biking paths, making it a very family-friendly destination for those who can afford it. Key Biscayne is serene and peaceful, and boasts a very low crime rate, making it one of the safest neighborhoods in Miami.
Average monthly rent in Key Biscayne: $2,170
KENDALL
Located east of Pinecrest, Kendall is a comfortable suburb well away from Miami’s hustle and bustle. At a more affordable price point, Kendall is a great option if you’re looking to save up for a mortgage or pay off student loans. One of the safest neighborhoods in Miami. You’ll find a slower pace of life in Kendall, while still offering access to amenities Miami has to offer.
Average monthly rent in Kendall: $1,500
Now that you’ve got more perspective on some of Miami’s best neighborhoods, you are better prepared to begin your apartment search.
SHOULD I RENT OR BUY AN APARTMENT IN MIAMI?
If you’re thinking about buying an apartment in Miami you will want to do some quick research on the local market first. While housing costs are still lower than places like New York City or San Francisco, real estate may still be more expensive than you’re used to.
Start by narrowing down the areas where you may want to buy. Then use tools like Zillow, Trulia, and Realtor to check prices in those neighborhoods. Calculate what you’d need for a down payment, and see how a mortgage payment might compare to monthly rent.
The decision between buying and renting usually comes down to two things:
- finances
- how long you plan to stay in one place
It’s best to plan on making a 10-20% down payment on a home. If you can’t afford that or don’t know how long you plan to stay, it may be wiser to focus on finding an apartment in Miami to rent.
Beware, if you’re looking to buy an apartment in Miami to rent out as an investment. Make sure to check the relevant laws and condo association rules. Short-term rentals like Airbnb are banned in some areas. Some condo associations require new owners to wait a year before even renting their unit out on an annual basis. Enforcement is taken very seriously, with fines starting at $20,000.
SHOULD I WORK WITH A REAL ESTATE AGENT?
Miami is unique in that it’s common for renters to use a real estate agent at no cost to them. While in most cities, using a real estate agent for an apartment to rent in Miami, FL, may not be worth the cost, it is the opposite situation when looking for housing in Miami. Here, the landlord pays any and all fees to the agent who helped connect you to the building or unit. Take advantage of this and use a licensed professional at no cost to you whatsoever.
An agent with strong knowledge of the rental market in various areas can be a huge asset for your Miami apartment search. They’ll save you time searching listings and setting viewing appointments. They will often drive you to each property viewing. That way you don’t need to worry about getting lost and can focus on observing the neighborhood. They may also know of more affordable Miami apartment listings before they hit the market, which could save you money.
To find a good real estate or rental agent, you can start by asking for referrals from people you know on Facebook or LinkedIn. You can ask your employer if you’re moving to Miami for a job. You can also look at Miami Association of Realtors, Realtor.com, Zillow.com, or other online sites.
Check Yelp and other review sites for notes and comments about your specific agent, not just the brokerage or firm where they work. And remember, you can always change agents if you’re not satisfied.
WHAT IF I PREFER NOT TO USE AN AGENT?
Working on your own without a real estate agent could have a cost savings advantage. That way you’d be working directly with the landlord or leasing agent.
There are a few factors to consider if you decide to go this route:
- This is only advantageous if neither you nor the landlord has an agent representing them.
- Apartment hunting in Miami without an agent could be difficult if you don’t know the area or the local real estate laws well.
- Use the usual online resources like Zumper, Craigslist, or other apartment listing sites.
HOW CAN I PREPARE FOR MY MIAMI APARTMENT SEARCH?
Set your budget
Compare your income and other expenses to decide how much money you can afford or would like to spend on housing. Nationally, it’s recommended that you keep your housing expenses to under a third of your total income.
However, in Miami you’ll find many people spend a higher percentage of their income on housing. That is because wages haven’t kept up with real estate costs.
Remember to factor in things like:
- utilities
- internet
- parking fees
If you have a car and plan to live in an urban apartment that doesn’t include free parking.
Prioritize what factors in a home are most important to you
Do you prefer more space or are you willing to sacrifice some room for lower costs or a shorter commute to work? What amenities are most important? Is being pet-friendly, having your own washer/dryer, or hassle-free parking non-negotiable? It may be helpful to make a list of the factors you can’t live without and a “wish list” of items you’d like to have, but aren’t that important to you.
Know what you value most in a neighborhood
Try to think about what you’re hoping to experience in Miami. Are you interested in the nightlife scene? More of a quiet atmosphere? What about beach access, or more of an arts-focused neighborhood?
Many areas have a lot of cultural diversity, where speaking Spanish is common. Is this something that interests you? Or would you feel too alienated? Consider making a list of the three or four “must-haves” for your neighborhood.
Consider your commute
Traffic and access to public transit can vary widely by neighborhood. Even if you fall in love with one area, this may be tempered if you have to drive 45 minutes to get to work. See our quick guide of Miami neighborhood’s at the beginning of this post.
Know your timeline
On average, you’ll need about six weeks to find and move into an apartment. But it’s never too early to do some preliminary research with online listings and learning about the different neighborhoods. You may even want to schedule a visit to Miami for some in-person “research”. Just keep in mind that January through March or April is prime season with sky-high lodging rates and limited availability. You will fare much better booking short-term rentals at lower rates from May-December.
Be ready to act quickly
Always have your checkbook and all your documentation with you (proof of income, rental history, and references).
That way you’re always going to be prepared to:
- complete an application
- pay fees
- even make a deposit on the spot
Like most large cities, the rental market moves quickly in Miami. It has a heavy competition for the best deals and most sought-after locations.
HOW DO I FIND AFFORDABLE APARTMENTS IN MIAMI?
Be clear and upfront with your real estate agent about what you can afford. If you have an honest discussion in the beginning of the process, they will be able to tell you if your budget and priorities are realistic, or whether you need to adjust your expectations. Additionally, you can increase your chances by allowing more time to look. Start your search at least a few months early or find temporary housing first, but be ready to act fast when the opportunity comes.
HOW ELSE CAN I MAKE MY MIAMI APARTMENT SEARCH A SUCCESS?
If you’re not very familiar with Miami, you should try to get to know the neighborhoods so you have a sense of where you want to focus your search. Drive by the addresses that you have researched online to inspect the surrounding area. You can eliminate some places without even making an appointment.
Consider visiting the neighborhoods for a day or two to walk around. Visit shops and restaurants, and chat with the staff and other patrons to get their sense of the area. You will find people in Miami are friendly and easy to talk to because they’re used to welcoming visitors from all over the world.
Finding a home, apartment, or condo in Miami can be a formidable task, but with a little diligence and the help of a real estate agent, you’ll be well on your way to South Florida living and hitting the beach!
