Apartment Costs In This FL Town Are In The Top 10 Nationally: New Study

MIAMI, FL — Real-estate experts say Miami boasts one of the top 10 markets for new affordable apartments, placing the town among other major U.S. cities in a recent ranking.

RentCafe, which analyzes apartment-related data, reported Seattle narrowly outweighs New York City to be deemed the No. 1 market for affordable apartments. Miami is 10th-best on the list that featured 20 markets overall.

Examiners looked at inexpensive housing construction from the last decade to compile their list.

In Florida, construction has been completed on 8,690 new affordable apartments in the last five years in Miami, according to RentCafe. Before then, 4,411 affordable apartments were developed from 2015-19, creating a 97.01 percent increase.

This pushes an 19.19 percent share of new affordable apartments compared to overall housing in Atlanta, according to the data.

Notably, the Residences at Sawyer’s Walk at 249 NW Sixth St. has provided cheap prices and 578 apartments for renters, according to RentCafe.

"The property sits in the heart of Overtown and contributes to broader efforts to preserve affordability in one of Miami’s most historic neighborhoods — especially as the metro has consistently ranked as the most competitive rental market in the country," the analysis stated.

RentCafe reported the full top 20 markets for best affordable apartments are as follows:

1. Seattle, Washington
2. New York City, New York
3. Austin, Texas
4. Twin Cities, Minnesota
5. Atlanta, Georgia
6. Denver, Colorado
7. Los Angeles, California
8. Bay Area, California
9. San Antonio, Texas
10. Miami, Florida
11. San Francisco, California
12. Chicago, Illinois
13. Portland, Oregon
14. Charlotte, North Carolina
15. Washington, D.C.
16. Nashville, Tennessee
17. Dallas, Texas
18. Eastern Virginia, Virginia
19. Phoenix, Arizona
20. Northern Virginia, Virignia

See RentCafe's full methodology.