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 $1,438 in 2019 according to the Census ACS survey.1 Average gross rent in Miami was $1,456 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Miami median and average rent data will be released in September of 2021.

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 (2019 dollars)2

2019 1 Year Change 3 Year Change
US Median Gross Rent $1,097 +1.86% +6.82%
Florida Median Gross Rent $1,238 +2.91% +8.88%
Miami, FL Median Gross Rent $1,438 +3.83% +9.94%

Miami, FL Real Gross Rent Trends

At $1,438, real median gross rent in Miami was at its highest level in 2019 since the series began in 2005. At $1,456, real average gross rent in Miami was at its highest level in 2019 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
2019 $1,097 $1,238 $1,438 $1,456
2018 $1,077 $1,203 $1,385 $1,405
2017 $1,043 $1,163 $1,357 $1,375
2016 $1,027 $1,137 $1,308 $1,339
2015 $1,017 $1,110 $1,281 $1,323
2014 $986 $1,059 $1,210 $1,248
2013 $953 $1,024 $1,179 $1,214
2012 $940 $1,015 $1,163 $1,194
2011 $941 $1,025 $1,164 $1,190
2010 $955 $1,058 $1,188 $1,200
2009 $960 $1,085 $1,227 $1,251

more history ...

Miami Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Miami Florida was 5.85% according to Census ACS data.

Rental Vacancy Rate in Miami Florida

2019 1 Year Change 3 Year Change
US 5.97% -0.18% +0.08%
Florida 8.72% +0.20% +0.42%
Miami, FL 5.85% -1.20% -0.87%

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 5.90% to 5.85%. 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
2019 5.97% 8.72% 5.85%
2018 6.15% 8.52% 7.05%
2017 6.18% 9.16% 7.87%
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%

more history ...

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 28.69% in 2019 according to the ACS.

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

2019 1 Year Change 3 Year Change
US 20.03% -0.47% -0.40%
Florida 25.08% -0.49% -0.54%
Miami, FL 28.69% -0.28% -0.49%

Trends in Miami, FL Rent as a Fraction of Income

The fraction of median Miami household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 29.18%. Since then it has fallen by 0.49% to 28.69%.

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
2019 20.03% 25.08% 28.69%
2018 20.50% 25.57% 28.97%
2017 20.13% 25.74% 29.09%
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%

more history ...

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 2019 40.82% of households were renters according to Census ACS data.

Miami Fraction of Renters by Household Units

2019 1 Year Change 3 Year Change
US 35.89% -0.16% -0.99%
Florida 33.75% -0.33% -2.12%
Miami, FL 40.82% +0.71% -0.87%

Trends in the Miami, FL Renter Fraction

The Miami household renter fraction peaked in in 2016 at 41.69% and is now 0.87% below that 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
2019 35.89% 33.75% 40.82%
2018 36.05% 34.08% 40.11%
2017 36.13% 34.85% 40.54%
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%

more history ...

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.