Miami’s rental market remained steady in Q1 2025, marked by consistent demand, moderate rent growth, and faster leasing activity across most property types. While concessions edged slightly higher, they’re still well below national levels, which is an encouraging sign of continued landlord confidence.
Rents continued to rise, especially for larger units, reflecting ongoing demand for space and flexibility. At the same time, inventory increased across much of the market, offering renters more options ahead of the busy spring season. Despite this rise, properties are leasing more quickly, indicating that supply is still being met with strong interest.
Looking ahead, property managers overwhelmingly expect pricing to hold steady, suggesting a stable outlook for the coming months. That said, rising maintenance costs and expanding inventory, particularly in the multifamily sector, are trends worth watching as the year progresses.
For now, Miami’s rental market appears well-balanced, with solid fundamentals and healthy momentum heading into peak season.
Continue reading for detailed insights into Miami’s rental landscape, including rent trends, leasing activity, property manager sentiment, and more.
In the Miami rental market, nearly all property managers (99%) expect rent prices to remain the same over the next six months, with just 1% predicting an increase and none anticipating a decrease. This overwhelming consensus points to a highly stable pricing environment. In terms of demand, 92% of property managers report that the number of rental applicants has remained steady. Only 4% are seeing more applicants, and 3% are seeing fewer. These figures suggest that both pricing and demand are holding steady in Miami, with minimal fluctuations expected in the near term.
In Q1 2025, 21% of Miami rental listings included concessions, a slight increase from 20% in Q4 2024. While this marks a gradual upward trend for the metro, Miami continues to fall below the national average of 28%. This suggests that, despite a softening in the national market, Miami landlords remain confident in tenant demand and have been slower to offer incentives.
Miami rentals moved faster in Q1 2025 than they did at the end of 2024. Single-family homes were on the market for an average of 24 days, down from 28 days in Q4. Multifamily homes saw a similar trend, dropping from 26 days to 23. This puts Miami rentals right in line with national averages, reflecting steady demand in the region.
Rents continued to climb in Miami in Q1 2025. One-bedroom units rose to $2,020, up $45 from Q4 2024. Two-bedrooms increased to $2,265, and three-bedrooms reached the $3,000 mark. Single-family homes hit $3,200, up $50 from the previous quarter, while multifamily units rose to $2,235. These gains point to a market with strong tenant interest and continued pricing power for landlords.
Available listings in Miami grew across the board in Q1 2025. Inventory of one-bedroom units jumped by 9.5%, while two- and three-bedroom units grew by 6.8% and 8.8%, respectively. Multifamily listings increased by 8.6%, while single-family units were the only property type to see a decline in available inventory.
This guest chart, courtesy of Snaptimate, illustrates regional cost trends for a typical residential unit turnover. The sample scope is for an 800 single-family unit and includes interior painting, carpet replacement, and resurfacing a pressure-treated deck. While the Northeast remains the most expensive region, the West is rapidly catching up with a 3.8% quarter-over-quarter increase - the highest in the country. Turnover costs are rising nearly everywhere, with 95% of markets analyzed showing upward movement. In the Miami market specifically, costs increased by 0.71%. In this work scope labor costs made up the bulk of the total, so wage inflation had the greatest impact on overall increases. The effect of tariffs on construction materials remains unclear, but it will be a key factor to watch in the coming quarters.
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 Q1 2025 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.
©2025 by Rental Beast
Snaptimate (www.snaptimate.com) is an app that delivers instant, localized cost estimates for residential repairs, replacements, and renovations—tailored specifically for real estate professionals. It is fueled by the same data trusted by contractors for more than 20 years in the nation’s #1 estimating platform.
