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.
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
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 |
| 2007 | $927 | $1,087 | $1,211 | $1,245 |
| 2005 | $910 | $1,011 | $1,096 | $1,133 |
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
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% |
| 2007 | 7.87% | 11.55% | 9.60% |
| 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 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
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% |
| 2007 | 18.66% | 23.22% | 25.13% |
| 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 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
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% |
| 2007 | 32.80% | 29.39% | 32.36% |
| 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. ↩
