For those locals struggling with the Miami rental market, the news isn’t great.
According to Rent Cafe, a nationwide real estate analysis publication, Miami-Dade County stood out as the hottest rental market in the U.S. in 2023, just as it did last year, thanks to its sky-high apartment occupancy and lease renewal rates during a veritable building boom. This then led to 22 prospective renters vying for the same vacant apartment in the area.
Here are the key highlights on Miami-Dade’s rental market competitiveness this year:
- Miami witnessed a 3.7% surge in newly constructed apartments since January. Despite this being one of the most significant increases in apartment stock nationwide, demand still outpaced supply in Miami.
- Consequently, 71.2% of renters chose to stay in their current apartments rather than move out, as finding available units remained a challenge throughout the metro. This pushed the occupancy rate to 96.9%, further limiting choices for apartment hunters.
- As a result, 22 prospective renters competed for each vacant unit in the area, more than double the national average of 9 people. Given these circumstances, vacant apartments in Miami were filled in just one month — one week faster compared to the national benchmark (38 days).
- Florida boasts five highly competitive rental markets in our top 30, including Broward County, which ranks 7th nationwide. Apartments here flew off the market within 37 days, with 13 prospective renters waiting in line for the same vacant rental, amid an occupancy rate above 95%.
Miami Rental Market
To identify the hottest rental areas of the year, Rent Cafe analyzed Yardi Systems apartment data for 139 rental markets based on occupancy rates, the number of renters applying for an available unit, vacancy days, the percentage of renewed leases, and the share of new apartments. Based on these metrics, they then calculated a Rental Competitivity Index (RCI) score, which shows how competitive the rental market was in 2023.
Find out how Miami-Dade County compares to other in-demand rental markets nationwide by reading their full 2023 Year-End Report: