Miami Beach, Florida Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Miami Beach, Florida rental market.
Miami Beach, Florida
Average Apartment Rent in February 2022
$2,625
Y-o-Y Change in Average
Apartment Rent
25.9%
Compared to a year ago, Miami Beach, Florida apartments have recorded a 25.9% rent increase.
Miami Beach, Florida |Average apartment rent trend
Miami Beach, Florida| Average apartment rent
Miami Beach, Florida | Apartment rent ranges
At 64%, apartments priced Over $2,000 represent the bulk of Miami Beach, Florida rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 16.93%.
Miami Beach, Florida | Housing tenure**
Renters take up 63% of Miami Beach, Florida real estate, occupying a total of 27,470 units, while homeowners live in 15,856 properties.
Median number of rooms of renter-occupied housing units**
2.9
Renter median household income**
$42,432
Average household size of renter-occupied housing units**
2.02
Rental vacancy rate**
5%
Miami Beach, Florida | Renter-occupied housing units by no. of bedrooms**
There are 12,771 rentals in Miami Beach, Florida with 1 bed making up the highest share of the market, at 46%. Units with 4 beds, on the other hand, hold the lowest percentage (1%), amounting to 252 units. Overall, the median number of rooms in Miami Beach, Florida homes for rent is 2.9.
Miami Beach, Florida |Renter-occupied units by age of householder**
Most condos for rent in Miami Beach, Florida are occupied by residents in the 25 - 34 years age group (26%), followed by those in the 35 - 44 years age group (24%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 3%.
Miami Beach, Florida | Renter-occupied housing units by family type**
Miami Beach, Florida | Renter-occupied housing units by the presence of own children**
A total of 11,035 apartments for rent in Miami Beach, Florida, or 40% of all rentals are family households. Additionally, 17% of rental homes include children under the age of 18 – that’s 4,682 units. All in all, the median size of a renter-occupied household in Miami Beach, Florida is 2.02.
Miami Beach, Florida | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 44% of the rental market. In contrast, residents with less than a high school degree reside in 12% of the homes for rent in Miami Beach, Florida.
Miami Beach, Florida | Renter-occupied units by year structure built**
The highest share of Miami Beach, Florida apartment rentals, namely 25% or 6,934 units, were Built 1960 - 1969, followed by those Built 1970 - 1979 (17%, 4,539 units), and the ones Built 1950 - 1959 (13%, 3,623 units).
Miami Beach, Florida | Renter-occupied units by year householder moved in**
Median year renter moved into unit2015
Most Miami Beach, Florida renters (34%) moved in 2010 to 2014, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Miami Beach, Florida condos for rent is 2015.
Miami Beach, Florida | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Miami Beach, Florida renters have 1 vehicle available per household, 34% of them have No vehicle available, and 15% have 2 vehicles available.
Miami Beach, Florida | Means of transportation to work of householders living in renter-occupied housing units**
Miami Beach, Florida |Geographical mobility in the past year for householders living in renter-occupied housing units**
Miami Beach, Florida | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Miami Beach, Florida apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2019 American Community Survey 5-Year Estimates
