Department of Numbers

Miami Florida Residential Rent and Rental Statistics

The median monthly gross residential rent in Miami, FL (the Miami-Fort Lauderdale-Pompano Beach metro area) was $1,249 in 2016 according to the Census ACS survey.1 Average gross rent in Miami was $1,279 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Miami median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Miami Florida (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Florida Median Gross Rent $1,086 +2.45% +11.04%
Miami, FL Median Gross Rent $1,249 +2.04% +10.92%

Miami, FL Real Gross Rent Trends

At $1,249, real median gross rent in Miami was at its highest level in 2016 since the series began in 2005. At $1,279, real average gross rent in Miami was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Miami: Miami FL Median, Miami FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Miami

Date US
Median
Florida
Median
Miami, FL
Median
Miami, FL
Average
2016 $981 $1,086 $1,249 $1,279
2015 $972 $1,060 $1,224 $1,263
2014 $942 $1,011 $1,155 $1,192
2013 $910 $978 $1,126 $1,160
2012 $898 $969 $1,110 $1,140
2011 $898 $979 $1,112 $1,137
2010 $912 $1,011 $1,134 $1,146
2009 $916 $1,036 $1,172 $1,195
2008 $932 $1,071 $1,226 $1,242
2007 $885 $1,038 $1,157 $1,189
2006 $895 $1,023 $1,129 $1,169
2005 $869 $966 $1,047 $1,082

Miami Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Miami Florida was 6.72% according to Census ACS data.

Rental Vacancy Rate in Miami Florida

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Florida 8.30% +0.51% -0.92%
Miami, FL 6.72% +0.55% -0.70%

Trends in Miami, FL Rental Vacancy Rate

The rental vacancy rate in Miami peaked in 2009 at 11.75%. Since then it has fallen by 5.03% to 6.72%. Data records for this series originated in 2005.

Rental Vacancy Rate: Miami FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Miami

Date US Florida Miami, FL
2016 5.89% 8.30% 6.72%
2015 5.85% 7.79% 6.17%
2014 6.32% 8.66% 7.02%
2013 6.49% 9.22% 7.42%
2012 6.77% 9.37% 8.05%
2011 7.40% 10.91% 9.24%
2010 8.17% 12.17% 10.16%
2009 8.43% 13.16% 11.75%
2008 7.86% 12.67% 10.40%
2007 7.87% 11.55% 9.60%
2006 7.70% 8.32% 6.81%
2005 7.74% 7.72% 6.15%

Rent as a Fraction of Income

Using median household income data for Miami, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Miami, median monthly gross rent as a fraction of median household income was 29.18% in 2016 according to the ACS.

Miami Florida Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Florida 25.62% +0.23% +0.29%
Miami, FL 29.18% +0.44% +0.55%

Trends in Miami, FL Rent as a Fraction of Income

Miami renters paid 29.18% of median household income towards the median monthly gross rent in 2016. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: Miami FL, Florida, US

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

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

Date US Florida Miami, FL
2016 20.43% 25.62% 29.18%
2015 20.63% 25.40% 28.74%
2014 20.89% 25.36% 28.38%
2013 20.78% 25.34% 28.63%
2012 20.65% 25.42% 28.12%
2011 20.70% 25.71% 28.49%
2010 20.50% 25.59% 28.13%
2009 20.12% 25.54% 28.13%
2008 19.00% 23.79% 26.38%
2007 18.66% 23.22% 25.13%
2006 18.90% 23.00% 24.78%
2005 18.89% 22.88% 24.42%

Renter Fraction in Miami Florida

You can calculate the renter fraction in Miami 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 as a fraction of total Miami households. In 2016 41.69% of households were renters according to Census ACS data.

Miami Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Florida 35.87% -0.35% +0.66%
Miami, FL 41.69% +0.19% +2.36%

Trends in the Miami, FL Renter Fraction

At 41.69%, the 2016 household based renter fraction in Miami was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Miami FL, Florida, US

Fraction of renters in Miami

History of Miami Renter Fraction

Date US Florida Miami, FL
2016 36.88% 35.87% 41.69%
2015 36.97% 36.22% 41.50%
2014 36.90% 35.95% 40.45%
2013 36.50% 35.21% 39.33%
2012 36.09% 34.36% 37.98%
2011 35.42% 33.28% 37.50%
2010 34.65% 31.85% 35.99%
2009 34.13% 31.52% 35.39%
2008 33.36% 30.33% 33.13%
2007 32.80% 29.39% 32.36%
2006 32.73% 29.72% 32.63%
2005 33.10% 30.43% 33.77%

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.