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Rent of primary residence in Miami area rose 10.1 percent over the year ended December 2023

January 26, 2024

The Consumer Price Index for rent of primary residence measures changes in the rent charged for tenant-occupied primary residences including any extra charges for garage and parking facilities. Rent of primary residence for all U.S. urban consumers rose 6.5 percent from December 2022 to December 2023, with the increases in Miami-Fort Lauderdale-West Palm Beach, Florida (10.1 percent), and Urban Hawaii (9.8 percent) among the largest.

12-month percent change in rent of primary residence, selected areas, December 2023
Area Percent change

Miami-Fort Lauderdale-West Palm Beach, FL

10.1

Urban Hawaii

9.8

San Diego-Carlsbad, CA

8.8

Riverside-San Bernardino-Ontario, CA

8.6

Boston-Cambridge-Newton, MA-NH

8.0

Houston-The Woodlands-Sugar Land, TX

7.4

Atlanta-Sandy Springs-Roswell, GA

7.1

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

7.1

Tampa-St. Petersburg-Clearwater, FL

6.7

Seattle-Tacoma-Bellevue, WA

6.6

Baltimore-Columbia-Towson, MD

6.5

U.S. city average

6.5

Chicago-Naperville-Elgin, IL-IN-WI

6.5

Detroit-Warren-Dearborn, MI

6.0

Urban Alaska

5.9

Phoenix-Mesa-Scottsdale, AZ

5.5

St. Louis, MO-IL

5.3

Dallas-Fort Worth-Arlington, TX

5.2

Los Angeles-Long Beach-Anaheim, CA

5.0

New York-Newark-Jersey City, NY-NJ-PA

5.0

Denver-Aurora-Lakewood, CO

4.8

Minneapolis-St.Paul-Bloomington, MN-WI

4.8

San Francisco-Oakland-Hayward, CA

3.3

Washington-Arlington-Alexandria, DC-VA-MD-WV

2.9

Note: Data are not seasonally adjusted.

Among the areas with the smallest increases in rent of primary residence over the year ended December 2023 were Washington-Arlington-Alexandria, DC-VA-MD-WV (2.9 percent), and San Francisco-Oakland-Hayward, California (3.3 percent). These lower rates indicate that recent increases have been more modest than in other areas, not that rent levels are lower than other areas.

These data are from the Consumer Price Index program and are not seasonally adjusted. For more consumer price data, see "Consumer Price Index — December 2023." Also see more charts on consumer prices.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Rent of primary residence in Miami area rose 10.1 percent over the year ended December 2023 at https://www.bls.gov/opub/ted/2024/rent-of-primary-residence-in-miami-area-rose-10-1-percent-over-the-year-ended-december-2023.htm (visited May 18, 2024).

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