In Q4 2024, Miami’s rental market showed continued demand across most property types, with particularly strong growth in single-family and three-bedroom listings. Rent prices in the city remained robust, with increases across all unit sizes, especially in single-family and three-bedroom units. Days on market for Miami’s single-family units were longer compared to national averages. Concessions, while still present, were less common in Miami than the national average, though they slightly rose in Q4 2024. Overall, Miami’s rental market displayed a mixture of rising prices, steady listing activity, and moderate concessions.
We asked property managers in the Miami area for insights into the market.
Key Takeaway: Miami’s rental market remains relatively stable, with 89% of property managers expecting rents to remain the same over the next six months.
Data Summary:
Data Summary:
Deeper Diver: The Miami rental market shows signs of stability, with most property managers expecting rents to hold steady (89%) over the next six months. While only 10% anticipate rent increases, the absence of significant changes points to a balanced market where pricing is unlikely to fluctuate drastically. Leasing activity has remained relatively consistent, with 76% of property managers reporting the same number of applications. Though 12% have seen more applications, this slight increase in demand indicates a mild positive shift, likely due to seasonal factors or localized market trends.
Key Takeaway: Concessions in Miami increased slightly but remained lower than the national average, reflecting a somewhat less concession-driven market.
Data Summary:
Deeper Dive: Concessions in Miami remained lower than the national average throughout 2024, though they showed a slight uptick in Q4 2024 to 20%. This increase is likely due to seasonal factors as demand may cool heading into the new year. The national average of 28% suggests that concessions were more commonly offered elsewhere in the U.S., possibly in markets where rental demand was weaker or where vacancy rates were higher.
Key Takeaway: Miami’s single-family properties took longer to lease than the national average, while multifamily units were on par with the national average.
Data Summary:
Deeper Dive: Single-family homes saw an average of 28 days on market in Q4 2024, which is 4 days longer than the national average. Multifamily units took an average of 26 days, in line with the national average. This increase in days on market could reflect supply-demand imbalances or seasonal factors, suggesting that while the market remains competitive, properties may take longer to lease, especially as the year ends.
Key Takeaway: Rent prices in Miami continued to climb across all unit types, with three-bedroom homes and single-family units seeing the most substantial increases in Q4 2024.
Data Summary:
Deeper Dive: Miami’s rental prices saw consistent increases across all property types, with particularly strong price growth in single-family homes and three-bedroom units. The three-bedroom segment saw an increase to $2,994, reflecting a significant demand for larger homes. Single-family rents increased to $3,150, reinforcing Miami’s premium market for detached homes. One-bedroom and Two-bedroom units also saw steady price increases, reaching $1,975 and $2,230, respectively. Multifamily rents rose to $2,200, continuing the trend of gradual increases. Overall, the rental market is experiencing strong upward pressure on rents across all segments.
Key Takeaway: Miami’s rental market saw notable increases in listings across most categories, with single-family homes and three-bedroom units experiencing strong growth in Q4 2024.
Data Summary:
Deeper Dive: Miami’s market showed substantial gains in listing counts by the end of 2024, with single-family homes leading the charge, up 14.6%. This significant increase could be attributed to seasonal trends or a strong demand for detached homes. The three-bedroom market also saw a notable rise of 8.7%, likely driven by families or larger households looking for more space. The one-bedroom and two-bedroom markets showed more modest growth at 5.5% and 4.9%, respectively, continuing the trend of increasing availability as rental demand remains strong across all unit types.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Miami-Fort Lauderdale-Pompano Beach, FL, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.
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