Coral Gables, Miami Have Priciest Rentals in Florida

CORAL GABLES, FL — In an area with some of the priciest rentals anywhere in the United States, Coral Gables stands above the crowd. The city holds the distinction of having the priciest rental ZIP code in all of Florida. A new study found that the 33146 zip code fetches an average monthly rental price of $2,617.

"The notoriously expensive Sunshine State has one of the highest rents of all the Southern states," finds nationwide Internet listing service RENTCafé, which released the findings on Monday. Florida has 18 zip codes with rents above $2,000. (Sign up for our free Daily Newsletters and Breaking News Alerts for the Coral Gables-Coconut Grove Patch.)

With 42 of Florida's 50 most expensive zip codes in the Southeast corner of the state, the Miami area made the short list.

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Downtown Miami's 33131 zip ranked second in Florida with average rent prices of $2,590 per month, according to RENTCafé. The Coral Gables rental prices represent a 6 percent increase over the year.

Miami Beach, which has some of the most expensive real estate in the world, only ranked seventh for its rent prices in the 33139 ZIP at $2,204 per month.

"Our analysis took into account prices in apartment buildings of 50 plus units.," explained Nadia Balint, the author of the study: “The quality of the rental properties located in Miami Beach — which tend to be older, B and C-rated buildings — dictates the price of rent. This is why rents here are not the highest in the Miami area. By contrast, in downtown Miami, there are many more Class A and newer rental buildings, which push prices up.”

Boca Raton in Palm Beach County ranked third with average rent prices of $2,475 and $2,197 in zip codes 33431 and 33487 respectively. That represents an 8 percent and 13 percent year on year increase respectively.

For more information and an interactive table with the most expensive ZIP codes click here.

Photo courtesy city of Coral Gables