Average Rent in Monroe County, FL↓ Rents falling 10.0% YoY🔺 4th priciest in FL

Monroe County, FL has rental prices ranging from $1,554/month to $2,984/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,990/month — 42% above the national average of $1,400/month. With a median household income of $82,430/year, spending $1,990/month on a 1-bedroom represents 29% of gross income — within the recommended 30% threshold.

How Monroe County Compares

With an average 2-bedroom rent of $2,254/month, Monroe County ranks #4 most expensive of the 56 cities tracked in Florida — pricier than 98% of all US cities in our data.

The Monroe County Rental Market

The Monroe County, FL area has a population of about 81,840 and 37% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Monroe County, FL have fallen by $250/month (10.0%) over the past year, from $2,504 to $2,254. This rate of decrease is significant and reflects softening demand or increased inventory in the local market.

Affordability

To afford a 1-bedroom apartment in Monroe County, FL without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $79,600. The local median household income of $82,430 exceeds that threshold by $2,830, making Monroe County relatively accessible compared to local wages.

Economy & Jobs

Monroe County, FL has an unemployment rate of 3.3%, 0.6 percentage points below the national average of 3.9%. Strong employment conditions typically sustain rental demand, as workers relocate to the area and local residents maintain stable housing.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Monroe County's neighborhoods. Among the highest-value areas are New Town ($807,528 median home value), Bahama Village ($819,399 median home value), Midtown ($1,114,734 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Monroe County, FL Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Monroe County?

Break-even analysis and mortgage estimates based on local market data.

Living in Monroe County

Cost of living, job market, crime rates, and moving cost estimates.