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
$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
Miami, Florida Average Apartment Rent
Miami, Florida Apartment rent ranges
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**
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**
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**
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**
Miami, Florida Renter-occupied housing units by the presence of own children**
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**
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**
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**
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**
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**
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, 2022 American Community Survey 5-Year Estimates