Downsizing in Florida: How Renters in Miami-Dade and Broward Can Save Over 16% by Losing a Bedroom
Florida renters have a smart option to ease the pressure of rising housing costs: downsizing. According to a recent study by RentalHouse Property Management, renters in Florida save an average of 16.37% on their monthly rent by moving to a place with one less bedroom. This savings rate ranks Florida 17th nationally and is slightly higher than the national average of 15.8%.
With over 8.3 million households in Florida and more than 2.7 million of them renting—that’s 33.13% of all households—this opportunity to save money impacts a large portion of residents. Miami-Dade and Broward counties, two of the state’s most populous areas, are no exception.
What Does Downsizing Mean for Renters?
The study breaks down potential savings by the size of the home. Renters switching from a one-bedroom to a studio save about $130 per month. More significant savings occur when downsizing from larger units: from a two-bedroom to a one-bedroom can save over $300 monthly, and moving from a three-bedroom to a two-bedroom can save over $560. Even going from a four-bedroom to a three-bedroom home yields nearly $475 in savings each month.
For many families in Miami-Dade and Broward juggling rent payments and other living expenses, these savings can be a crucial step towards financial stability or saving for a future home purchase.
Why Are These Savings Important?
Many renters see buying a home as the ultimate goal. A Gallup poll shows that 37% of Americans believe owning a home is the best long-term investment. Downsizing can help renters save money faster for a down payment without sacrificing their quality of life.
Paul Kiledjian, CEO of RentalHouse Property Management, highlights the financial leap renters face when upsizing: “Moving from a two-bedroom to a three-bedroom raises rent by almost 25% in every state, making many families consider homeownership instead of paying high rents.”
Miami-Dade and Broward in Context
Though the study does not provide specific figures for Miami-Dade or Broward, the high demand and variety of rental options in these counties suggest that renters can expect similar savings to the Florida average—or possibly better. Both counties feature diverse housing markets and strong competition among landlords and delivery services, which can contribute to competitive pricing.
With housing costs rising nationwide, understanding how downsizing can lead to substantial monthly savings is more important than ever for Florida renters.
