The rent prices in real estate in Miami, in the Florida region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Miami has had a strong fall during the last 6 months. In November, the average price per sq.feet was $97.24. In the following month the price per sq.feet fell considerably to $62.04. The price for the following two months in (January, February) had a considerable fall of 47 with regard to the previous two months. The price per sq.feet has had a considerable fall of 7 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $58.57 to $3.81 during March, and April.
When referring to the price in Miami (cities), there have hardly been any changes in the last 6 months. In our first sample month during November, the average price is $2,246. In December This price remains at $2,160. During the following two months (January, February) the price has had an average rise from $2,203 to $2,358.5. During the last two months, the average price has barely gone through any changes with regard to the previous average values going from an average value of $2,280.75 and $2,355 between March and April.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $2,404 they are 25 % more affordable than the average price for Miami . The properties with the highest average price have 4 bedrooms, Their price is 61 % more expensive than the average. After that we have properties with 3 bedrooms priced at $2,936.
With regard to the average price per sq.feet, those properties with 2 bedrooms are the most expensive ones at a cost of $8.37 / sq.feet, with an average $4.67 / sq.feet price in Miami. The properties with the most expensive average prices have 1 bedroom. They are 348 % more expensive than the average followed by properties with 4 bedrooms with a price at $11.62 / sq.feet.
The graph displaying the average rent prices displays the property type "Townhouse" as the most affordable one. At an cost of $2,404 it is 43 % more affordable than the average price in Miami. "House" is seen as the second most affordable property type. The most expensive property type is "Apartment" followed by "Office". At a price of $2,587 it is 36 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Townhouse" at an average price of $2.27 / sq.feet followed by "Apartment" priced at $2.38 / sq.feet. "Commercial" is the most expensive type of property with a $98.82 / sq.feet value followed by "House" with an average price of $19.64 / sq.feet.