Miami, 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, Florida rental market.
Miami, Florida
Average Apartment Rent in February 2023
$2,396
Y-o-Y Change in Average
Apartment Rent
11.6%
Compared to a year ago, Miami, Florida apartments have recorded a 11.6% rent increase.
Miami, Florida |Average apartment rent trend
Miami, Florida| Average apartment rent
Miami, Florida | Apartment rent ranges
At 65.54%, apartments priced Over $2,000 represent the bulk of Miami, Florida rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.04%.
Miami, Florida | Housing tenure**
Renters take up 70% of Miami, Florida real estate, occupying a total of 125,798 units, while homeowners live in 54,878 properties.
Median number of rooms of renter-occupied housing units**
3.4
Renter median household income**
$36,532
Average household size of renter-occupied housing units**
2.39
Rental vacancy rate**
6.7%
Miami, Florida | Renter-occupied housing units by no. of bedrooms**
There are 49,358 rentals in Miami, Florida with 2 beds making up the highest share of the market, at 39%. Units with 4 beds, on the other hand, hold the lowest percentage (2%), amounting to 2,248 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**
Most condos for rent in Miami, Florida are occupied by residents in the 25 - 34 years age group (22%), followed by those in the 35 - 44 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, Florida | Renter-occupied housing units by family type**
Miami, Florida | Renter-occupied housing units by the presence of own children**
A total of 66,167 apartments for rent in Miami, Florida, or 53% of all rentals are family households. Additionally, 25% of rental homes include children under the age of 18 – that’s 31,352 units. All in all, the median size of a renter-occupied household in Miami, Florida is 2.39.
Miami, Florida | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 32% 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**
The highest share of Miami, Florida apartment rentals, namely 17% or 20,877 units, were Built 2000 - 2009, followed by those Built 1970 - 1979 (15%, 19,206 units), and the ones Built 1950 - 1959 (14%, 17,799 units).
Miami, Florida | Renter-occupied units by year householder moved in**
Median year renter moved into unit2015
Most Miami, Florida renters (45%) moved in 2015 to 2016, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Miami, Florida condos for rent is 2015.
Miami, Florida | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 52% of Miami, Florida renters have 1 vehicle available per household, 23% 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**
Miami, Florida |Geographical mobility in the past year for householders living in renter-occupied housing units**
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, 2020 American Community Survey 5-Year Estimates
