Miami, Florida Rental Market Trends

Disclaimer:

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, Florida rental market.

Miami, Florida

Average Apartment Rent

$2,645

Y-o-Y Change in Average
Apartment Rent

2.9%

As of November 2024

Compared to a year ago, Miami, Florida apartments have recorded a 2.9% rent increase.

Miami, Florida Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Miami $1,998 $2,132 $2,307 $2,356 $2,396 $2,438 $2,451 $2,538 $2,570 $2,645
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Miami
National
Nov 2021
$1,998
$1,596
Mar 2022
$2,132
$1,635
Jul 2022
$2,307
$1,708
Nov 2022
$2,356
$1,726
Mar 2023
$2,396
$1,714
Jul 2023
$2,438
$1,739
Nov 2023
$2,451
$1,733
Mar 2024
$2,538
$1,727
Jul 2024
$2,570
$1,752
Nov 2024
$2,645
$1,748

Miami, Florida Average Apartment Rent

Miami, Florida Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,001 - $1,500
$1,501 - $2,000
Over $2,000

At 77.07%, apartments priced Over $2,000 represent the bulk of Miami, Florida rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.01%.

Miami, Florida Housing tenure**

Renter occupied housing units 130,068
Owner occupied housing units 56,069

Renters take up 70% of Miami, Florida real estate, occupying a total of 130,068 units, while homeowners live in 56,069 properties.

Median number of rooms of renter-occupied housing units**

3.4

Renter median household income**

$45,346

Average household size of renter-occupied housing units**

2.23

Rental vacancy rate**

6.6%

Miami, Florida Renter-occupied housing units by no. of bedrooms**

No bedrooms 15,302
1 bed 46,288
2 beds 52,042
3 beds 13,362
4 beds 2,451

There are 52,042 rentals in Miami, Florida with 2 beds making up the highest share of the market, at 40%. Units with 4 beds, on the other hand, hold the lowest percentage (2%), amounting to 2,451 units. Overall, the median number of rooms in Miami, Florida homes for rent is 3.4.

Miami, Florida Renter-occupied units by age of householder**

15 - 24 years 4,841
25 - 34 years 30,007
35 - 44 years 26,463
45 - 54 years 23,441
55 - 59 years 11,224
60 - 64 years 9,916
65 - 74 years 13,054
75 - 84 years 8,129
85 years and over 2,993

Most condos for rent in Miami, Florida are occupied by residents in the 25 - 34 years age group (23%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.

Miami, Florida Renter-occupied housing units by family type**

Family households 65,682
Non-Family Households 64,386

Miami, Florida Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 30,423
No related children of the householder under 18 99,645

A total of 65,682 apartments for rent in Miami, Florida, or 50% of all rentals are family households. Additionally, 23% of rental homes include children under the age of 18 – that’s 30,423 units. All in all, the median size of a renter-occupied household in Miami, Florida is 2.23.

Miami, Florida Renter-occupied housing units by educational attainment**

Less than high school graduate 28,098
High school graduate (including equivalency) 30,274
Some college or associate's degree 26,594
Bachelor's degree or higher 45,102

In terms of education, renters holding bachelor degrees or higher make up 35% of the rental market. In contrast, residents with less than a high school degree reside in 22% of the homes for rent in Miami, Florida.

Miami, Florida Renter-occupied units by year structure built**

Built 2020 or later 1,157
Built 2010 - 2019 19,921
Built 2000 - 2009 20,130
Built 1990 - 1999 8,013
Built 1980 - 1989 10,402
Built 1970 - 1979 18,827
Built 1960 - 1969 15,131
Built 1950 - 1959 17,865
Built 1940 - 1949 10,024
Built 1939 or earlier 8,598

The highest share of Miami, Florida apartment rentals, namely 15% or 20,130 units, were Built 2000 - 2009, followed by those Built 2010 - 2019 (15%, 19,921 units), and the ones Built 1970 - 1979 (14%, 18,827 units).

Miami, Florida Renter-occupied units by year householder moved in**

Moved in 2021 or later 11,400
Moved in 2018 to 2020 43,587
Moved in 2010 to 2017 55,366
Moved in 2000 to 2009 14,265
Moved in 1990 to 1999 3,317
Moved in 1989 or earlier 2,133

Median year renter moved into unit 2017

Most Miami, Florida renters (43%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Miami, Florida condos for rent is 2017.

Miami, Florida Renter-occupied housing units by vehicles available**

No vehicle available 28,320
1 vehicle available 68,130
2 vehicles available 27,796
3 vehicles available 4,296
4 or more vehicles available 1,526

When it comes to transportation options, 52% of Miami, Florida renters have 1 vehicle available per household, 22% of them have No vehicle available, and 21% have 2 vehicles available.

Miami, Florida Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 98,297
Car, truck, or van - carpooled 12,401
Public transportation (excluding taxicab) 14,732
Walked 9,796
Taxicab, motorcycle, bicycle, or other means 7,594
Worked at home 15,427

Miami, Florida Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 234,116
Moved within same county 36,234
Moved from different county within same state 3,167
Moved from different state 6,207
Moved from abroad 6,085

Miami, 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, 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, 2022 American Community Survey 5-Year Estimates

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