Miami city, 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 city, Florida rental market.
Miami city, Florida
Average Apartment Rent
$1,702
Y-o-Y Change in Apartment Rent
1.73%
Compared to a year ago, Miami city, Florida apartments have recorded a 1.73% rent increase.
Miami city, Florida |Median apartment rent trend
Miami city, Florida| Average apartment rent by city
Miami city, Florida | Apartment rent ranges
At 37.42%, apartments priced $1,500 - $2,000 represent the bulk of Miami city, Florida rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.17%.
Miami city, Florida | Housing tenure
Renters take up 70% of Miami city, Florida real estate, occupying a total of 120,149 units, while homeowners live in 50,887 properties.
Median number of rooms of renter-occupied housing units
3.4
Renter Median household income
$30,627
Average household size of renter occupied-housing units
2.47
Rental vacancy rate
6.6%
Miami city, Florida | Renter-occupied housing units by no. of bedrooms
There are 45,990 rentals in Miami city, Florida with 1 bed making up the highest share of the market, at 38%. Units with 4 beds, on the other hand, hold the lowest percentage (2%), amounting to 2,070 units. Overall, the median number of rooms in Miami city, Florida homes for rent is 3.4.
Miami city, Florida |Renter-occupied units by age of householder
Most condos for rent in Miami city, Florida are occupied by residents in the 35 - 44 years age group (22%), followed by those in the 25 - 34 years age group (21%). 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 city, Florida | Renter-occupied housing units by family type
Miami city, Florida | Renter-occupied housing units by the presence of own children
A total of 61,993 apartments for rent in Miami city, Florida, or 52% of all rentals are family households. Additionally, 25% of rental homes include children under the age of 18 – that’s 30,274 units. All in all, the median size of a renter-occupied household in Miami city, Florida is 2.47.
Miami city, Florida | Renter-occupied housing units by educational attainment
In terms of education, renters holding bachelor degrees or higher make up 28% of the rental market. In contrast, residents with less than a high school degree reside in 24% of the homes for rent in Miami city, Florida.
Miami city, Florida | Renter-occupied units by year structure built
The highest share of Miami city, Florida apartment rentals, namely 18% or 21,436 units, were built 2000 - 2009, followed by those built 1950 - 1959 (15%, 17,525 units), and the ones built 1970 - 1979 (14%, 16,919 units).
Miami city, Florida | Renter-occupied units by year householder moved in
Median year renter moved into unit2013
Most Miami city, Florida renters (46%) moved in 2010 to 2014, while only 3% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Miami city, Florida condos for rent is 2013.
Miami city, Florida | Renter-occupied housing units by vehicles available
When it comes to transportation options, 52% of Miami city, Florida renters have 1 vehicle available per household, 24% of them have no vehicle available, and 21% have 2 vehicles available.
Miami city, Florida | Means of transportation to work of householders living in renter-occupied housing units
Miami city, Florida |Geographical mobility in the past year for householders living in renter-occupies housing units
Miami city, 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 city, 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.
Exceptions: Data sourced from U.S. Census Bureau; American Community Survey, 2018 American Community Survey 5-Year Estimates
