The average rent cost in the city came out at $1,200 a month, while the average monthly rent in Fort Lauderdale was a little higher at $1,217 a month. And increased employment in the South Florida area should only increase demand for rental units, according to recent South Florida apartment outlook reports.
The most expensive community in which to rent such an apartment was New York at $3,543 a month. The least expensive community was Auburn-Opelika AL at just $490 a month.
The average rent for the 295 urban areas surveyed was $731 per month. The average rent cost is for two-bedroom apartments, unfurnished, excluding utilities except water, with 1 1/2 or two bathrooms and totaling 950 sf.
According to Marcus & Millichap's July 2003 Apartment Research Report, monthly asking rents in South Florida increased from $922 in mid-2002 to $944 in mid-2003.
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