Apartment Sticker Shock? Miami Average $1,600

MIAMI, FL — If you've been out hunting for an apartment in the Miami area, you might be suffering from sticker shock. The average rental prices are hovering between $1,600 and $2,300, according to a recent analysis by RentCafe. One exception is Hialeah, which offers more bang for your buck at $1,270 per month on average.

While that's far from inexpensive, the Miami area fares better than other areas of the country and often includes water views for the same price or a little more. (Sign up for our free Daily Newsletters and Breaking News Alerts for the Miami Patch.)

"My home is my sanctuary so I will gladly pay more," Miami Beach realtor Ariana Malka told Patch. "I came from California and was so excited to not have to be a millionaire to live on the ocean. That's definitely a big plus for Miami."

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RentCafe reported average rent prices in Miami for July of $1,587. Aventura had an average rent cost of $1,881 and Miami Beach had an average of $1,941 while Coral Gables came in at a whopping $2,340 per month.

Malka, who works for Vandenburg Properties, said that Miami area renters may be able to stretch their budgets by finding an apartment or condo rental that includes some utilities. It is not uncommon to find apartments around the Miami that throw in water, basic cable and even air-conditioning.

"A lot of people get scared with the price but then realize that cable, Internet, water, gym are all included," she added.

Here are some other findings by RentCafe:

• Rent pressure seems to shift inland in some areas of Greater Miami. Hialeah leads regional growth with a 6.4 percent increase year on year while Coral Springs, Davie and Pembroke Pines in nearby Broward County post significant rent growth as well.
• Meanwhile, Miami has kept supply and demand in balance thanks to approximately 3,500 new apartments expected this year. Rents inch up by 2.1 percent year on year for one of the lowest growth rates among Florida's pricey markets.
• With approximately 670 new units on track to be completed in 2017, West Palm Beach housing stock faces an uphill struggle to meet demand. Rents surge 5.9 percnt over the year, peaking at $1,344.
• Tampa-St. Petersburg-Clearwater Metro has seen a 2.1 percent increase in population and a healthy 3.3 percent job growth rate since last year. But without enough supply, rents in cities like St. Petersburg and Tampa continue to rise (5.5 percent and 5 percent year on year respectively).
• The situation is no different in Orlando, where the average rent clocks in at $1,269, up 3.7 percent year on year.

Read more findings from the RentCafe analysis here.

Patch found this two-bedroom unit along Miami Beach listed on Realtor.com for $2,100 per month. Courtesy Realtor.com.