Miami-dade County Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Miami-dade County FL was $1,408 in 2019 according to the Census ACS survey.1 Average gross rent in Miami-dade County was $1,425 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-dade County median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Miami-dade County 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-dade County FL Median Gross Rent | $1,408 | +2.55% | +11.92% |
Miami-dade County FL Real Gross Rent Trends
At $1,408, real median gross rent in Miami-dade County was at its highest level in 2019 since the series began in 2005. At $1,425, real average gross rent in Miami-dade County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Miami-dade County FL Median, Miami-dade County FL Average, Florida Median, US Median
Real Gross Rent History for Miami-dade County
| Date | US Median |
Florida Median |
Miami-dade County FL Median |
Miami-dade County FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,408 | $1,425 |
| 2018 | $1,077 | $1,203 | $1,373 | $1,380 |
| 2017 | $1,043 | $1,163 | $1,330 | $1,342 |
| 2016 | $1,027 | $1,137 | $1,258 | $1,282 |
| 2015 | $1,017 | $1,110 | $1,233 | $1,264 |
| 2014 | $986 | $1,059 | $1,173 | $1,199 |
| 2013 | $953 | $1,024 | $1,144 | $1,168 |
| 2012 | $940 | $1,015 | $1,124 | $1,156 |
| 2011 | $941 | $1,025 | $1,123 | $1,145 |
| 2010 | $955 | $1,058 | $1,114 | $1,130 |
| 2009 | $960 | $1,085 | $1,150 | $1,181 |
| 2007 | $927 | $1,087 | $1,136 | $1,168 |
| 2005 | $910 | $1,011 | $1,020 | $1,043 |
Miami-dade County 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-dade County Florida was 5.28% according to Census ACS data.
Rental Vacancy Rate in Miami-dade County Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Miami-dade County FL | 5.28% | -0.52% | +0.09% |
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 6.12% to 5.28%. Data records for this series originated in 2005. From a 2016 post peak low of 5.19%, the rental vacancy rate has increased by 0.09%.
Rental Vacancy Rate: Miami-dade County FL, Florida, US
Historical Rental Vacancy Rate data for Miami-dade County
| Date | US | Florida | Miami-dade County FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 5.28% |
| 2018 | 6.15% | 8.52% | 5.80% |
| 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% |
| 2007 | 7.87% | 11.55% | 7.85% |
| 2005 | 7.74% | 7.72% | 5.93% |
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 30.62% in 2019 according to the ACS.
Miami-dade County 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-dade County FL | 30.62% | -0.38% | -0.75% |
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 1.22% to 30.62%.
Fraction of Income towards Rent: Miami-dade County FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Miami-dade County Florida
| Date | US | Florida | Miami-dade County FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 30.62% |
| 2018 | 20.50% | 25.57% | 31.01% |
| 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% |
| 2007 | 18.66% | 23.22% | 26.58% |
| 2005 | 18.89% | 22.88% | 26.36% |
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 2019 49.62% of households were renters according to Census ACS data.
Miami-dade County 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-dade County FL | 49.62% | +0.94% | +0.26% |
Trends in the Miami-dade County FL Renter Fraction
At 49.62%, the 2019 household based renter fraction in Miami-dade County was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Miami-dade County FL, Florida, US
History of Miami-dade County Renter Fraction
| Date | US | Florida | Miami-dade County FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 49.62% |
| 2018 | 36.05% | 34.08% | 48.68% |
| 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% |
| 2007 | 32.80% | 29.39% | 39.78% |
| 2005 | 33.10% | 30.43% | 41.46% |
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. ↩
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