Rental prices in South Florida have continued to trend downward, according to a report by Realtor.com.

According to the company’s June 2026 Rental Report, June marked the 35th consecutive month of year-over-year decline for properties with zero to two bedrooms across the 50 largest metros in the U.S.

In the Miami-Fort Lauderdale-West Palm Beach area, the median asking rent was $2,277 in June, down 2.6% from a year earlier.

Still, the region is notoriously expensive. A report analyzing 2024 data recently listed the Miami area as having surpassed New York in cost-of-living expenses.

Rents Are Falling, but Remain Above Pre-Pandemic Levels

Overall, rent for properties with up to two bedrooms across the 50 largest metropolitan areas dropped 1.5% compared with the previous year. The median asking rent also declined slightly to $1,692, which was $25 lower than a year earlier.

Even after that decline, the median asking rent was $238, or 16.4%, higher than the pre-pandemic level recorded in June 2019.

Why Housing Remains Out of Reach for Many Workers

Rental homes are out of reach for millions of low-wage workers. In Florida alone, a worker would have to work 91 hours per week to afford a one-bedroom apartment at the state’s minimum wage.

That’s according to the 2026 Out of Reach report, published by the National Low Income Housing Coalition, a nonprofit advocacy organization based in Washington, D.C.

The report lists “housing wages” by state and metro area. It defines the figure as the hourly income required to afford a rental home at HUD’s Fair Market Rent without spending more than 30% of one’s wages on housing.

Nationally, the 2026 housing wage was $34.73 per hour for a modest two-bedroom rental and $29.19 for a one-bedroom rental. The average hourly wage for renters was $24.84.

How Florida Rent Prices Compare

Florida ranked as the 10th most expensive state overall, with an hourly housing wage of $37.93 required to afford a two-bedroom apartment. The fair market rent for that apartment was listed at $1,973.

To afford that level of rent and utilities without spending more than 30% of income on housing, a Florida renter must earn $6,575 per month, or $78,905 per year.

Within the state, Monroe County, home to the Florida Keys, was first on the list of the most expensive areas. It required a housing wage of $48.15 to afford a two-bedroom apartment at fair market rent. Monroe County also ranked as the second most expensive nonmetropolitan county or county equivalent nationally, behind only Nantucket town in Massachusetts.

The Miami-Miami Beach-Kendall area followed closely, with a housing wage of $46.85 required to afford a two-bedroom. The Fort Lauderdale area required an hourly wage of $44.87, while the West Palm Beach-Boca Raton area required a wage of $43.35.

Meanwhile, Florida’s minimum wage is $14, while the average renter’s wage is $24.27, according to the report.

Sarah Perkel is a South Florida Connect reporter for the USA TODAY Network’s Florida Connect team.
USA TODAY Network via Reuters Connect