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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 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

Median Rent Mar 2020 Jul 2020 Dec 2020 Apr 2021 Aug 2021 Oct 2021 Feb 2022 Jun 2022 Oct 2022 Feb 2023
Miami $1,697 $1,687 $1,697 $1,768 $1,915 $1,998 $2,132 $2,307 $2,356 $2,396
National $1,405 $1,395 $1,399 $1,407 $1,490 $1,585 $1,624 $1,698 $1,715 $1,702
Miami
National
Mar 2020
$1,697
$1,405
Jul 2020
$1,687
$1,395
Dec 2020
$1,697
$1,399
Apr 2021
$1,768
$1,407
Aug 2021
$1,915
$1,490
Oct 2021
$1,998
$1,585
Feb 2022
$2,132
$1,624
Jun 2022
$2,307
$1,698
Oct 2022
$2,356
$1,715
Feb 2023
$2,396
$1,702
View as table View as graph
Access comprehensive real estate data and information on Yardi ® Matrix

Miami, Florida| Average apartment rent

Miami, Florida | Apartment rent ranges

Under $500
$500 - $700
$700 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

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**

Renter occupied housing units
125,798
Owner occupied housing units
54,878

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**

No bedrooms 14,129
1 bed 45,467
2 beds 49,358
3 beds 14,221
4 beds 2,248

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**

15 - 24 years 4,216
25 - 34 years 27,177
35 - 44 years 26,764
45 - 54 years 24,546
55 - 59 years 10,791
60 - 64 years 8,822
65 - 74 years 12,395
75 - 84 years 8,269
85 years and over 2,818

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**

Family households
66,167
Non-Family housesholds
59,631

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

With related children of the householder under 18
31,352
No related children of the householder under 18
94,446

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**

Less than high school graduate 27,204
High school graduate (including equivalency) 32,757
Some college or associate's degree 25,429
Bachelor's degree or higher 40,408

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**

Built 2014 or later 8,962
Built 2010 - 2013 3,997
Built 2000 - 2009 20,877
Built 1990 - 1999 8,173
Built 1980 - 1989 10,162
Built 1970 - 1979 19,206
Built 1960 - 1969 15,689
Built 1950 - 1959 17,799
Built 1940 - 1949 11,075
Built 1939 or earlier 9,858

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**

Moved in 2017 or later 10,919
Moved in 2015 to 2016 56,733
Moved in 2010 to 2014 34,098
Moved in 2000 to 2009 17,614
Moved in 1990 to 1999 3,740
Moved in 1989 or earlier 2,694

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**

No vehicle available 28,581
1 vehicle available 65,425
2 vehicles available 26,241
3 vehicles available 4,372
4 or more vehicles available 1,179

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**

Car, truck, or van - drove alone 100,554
Car, truck, or van - carpooled 12,148
Public transportation (excluding taxicab) 16,328
Walked 8,451
Taxicab, motorcycle, bicycle, or other means 6,661
Worked at home 9,210

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

Same house as 1 year ago 245,071
Moved within same county 36,511
Moved from different county within same state 2,826
Moved from different state 4,858
Moved from abroad 6,399

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

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