Department of Numbers

Miami-dade County Florida Residential Rent and Rental Statistics

The median monthly gross residential rent in Miami-dade County FL was $1,290 in 2017 according to the Census ACS survey.1 Average gross rent in Miami-dade County was $1,302 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Miami-dade County median and average rent data will be released in September of 2019.

Data is also available below for Miami-dade County rental vacancy rates, Miami-dade County rent as a percent of median income and the fraction of renters in Miami-dade County.

Show dollars as: Nominal Real

Real Gross Rent in Miami-dade County Florida (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Florida Median Gross Rent $1,128 +2.27% +9.83%
Miami-dade County FL Median Gross Rent $1,290 +5.74% +13.36%

Miami-dade County FL Real Gross Rent Trends

At $1,290, real median gross rent in Miami-dade County was at its highest level in 2017 since the series began in 2005. At $1,302, real average gross rent in Miami-dade County was at its highest level in 2017 since the series began in 2005.

Real Gross Rent: Miami-dade County FL Median, Miami-dade County FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Miami-dade County

Date US
Median
Florida
Median
Miami-dade County FL
Median
Miami-dade County FL
Average
2017 $1,012 $1,128 $1,290 $1,302
2016 $996 $1,103 $1,220 $1,243
2015 $987 $1,076 $1,196 $1,226
2014 $956 $1,027 $1,138 $1,163
2013 $924 $993 $1,109 $1,133
2012 $912 $984 $1,091 $1,121
2011 $912 $994 $1,089 $1,110
2010 $927 $1,026 $1,080 $1,096
2009 $931 $1,052 $1,115 $1,145
2008 $947 $1,088 $1,158 $1,176
2007 $899 $1,054 $1,102 $1,133
2006 $909 $1,038 $1,061 $1,083

Miami-dade County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Miami-dade County Florida was 6.71% according to Census ACS data.

Rental Vacancy Rate in Miami-dade County Florida

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Florida 9.16% +0.86% +0.50%
Miami-dade County FL 6.71% +1.52% +0.04%

Trends in Miami-dade County FL Rental Vacancy Rate

The rental vacancy rate in Miami-dade County peaked in 2009 at 11.40%. Since then it has fallen by 4.69% to 6.71%. Data records for this series originated in 2005. From a 2016 post peak low of 5.19%, the rental vacancy rate has increased by 1.52%.

Rental Vacancy Rate: Miami-dade County FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Miami-dade County

Date US Florida Miami-dade County FL
2017 6.18% 9.16% 6.71%
2016 5.89% 8.30% 5.19%
2015 5.85% 7.79% 5.87%
2014 6.32% 8.66% 6.67%
2013 6.49% 9.22% 7.25%
2012 6.77% 9.37% 7.46%
2011 7.40% 10.91% 8.22%
2010 8.17% 12.17% 9.71%
2009 8.43% 13.16% 11.40%
2008 7.86% 12.67% 9.16%
2007 7.87% 11.55% 7.85%
2006 7.70% 8.32% 5.72%

Rent as a Fraction of Income

Using median household income data for Miami-dade County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Miami-dade County, median monthly gross rent as a fraction of median household income was 31.00% in 2017 according to the ACS.

Miami-dade County Florida Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Florida 25.74% +0.11% +0.38%
Miami-dade County FL 31.00% -0.37% -0.05%

Trends in Miami-dade County FL Rent as a Fraction of Income

The fraction of median Miami-dade County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 31.85%. Since then it has fallen by 0.84% to 31.00%.

Fraction of Income towards Rent: Miami-dade County FL, Florida, US

Percent of median household income going towards median monthly gross rent in Miami-dade County Florida

Historical Data for Annual Rent as a Fraction of Income in Miami-dade County Florida

Date US Florida Miami-dade County FL
2017 20.13% 25.74% 31.00%
2016 20.43% 25.62% 31.37%
2015 20.63% 25.40% 31.85%
2014 20.89% 25.36% 31.06%
2013 20.78% 25.34% 31.09%
2012 20.65% 25.42% 30.64%
2011 20.70% 25.71% 30.78%
2010 20.50% 25.59% 29.75%
2009 20.12% 25.54% 29.15%
2008 19.00% 23.79% 27.45%
2007 18.66% 23.22% 26.58%
2006 18.90% 23.00% 25.93%

Renter Fraction in Miami-dade County Florida

You can calculate the renter fraction in Miami-dade County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Miami-dade County as a fraction of total Miami-dade County households. In 2017 48.98% of households were renters according to Census ACS data.

Miami-dade County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Florida 34.85% -1.02% -1.10%
Miami-dade County FL 48.98% -0.38% +1.65%

Trends in the Miami-dade County FL Renter Fraction

The Miami-dade County household renter fraction peaked in in 2015 at 49.42% and is now 0.44% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Miami-dade County FL, Florida, US

Fraction of renters in Miami-dade County

History of Miami-dade County Renter Fraction

Date US Florida Miami-dade County FL
2017 36.13% 34.85% 48.98%
2016 36.88% 35.87% 49.36%
2015 36.97% 36.22% 49.42%
2014 36.90% 35.95% 47.33%
2013 36.50% 35.21% 46.80%
2012 36.09% 34.36% 45.74%
2011 35.42% 33.28% 43.87%
2010 34.65% 31.85% 43.01%
2009 34.13% 31.52% 43.11%
2008 33.36% 30.33% 39.89%
2007 32.80% 29.39% 39.78%
2006 32.73% 29.72% 40.19%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.