Miami-Dade rentals demand strong, rates rise 2% in year

Written by Abraham Galvan on February 4, 2026

The Miami-Dade market rental demand is fundamentally strong, with occupancy rates up from one year ago.

With an occupancy rate of 94.9%, the rent demand is strong, and in-place rents for building with 50 units and over rose 2% year-over-year in the Miami market, while renewal rents rose at an even stronger pace of 2.2% in the market area, according to a Miami Association of Realtors December insight report.

Rising in-place and renewal rent growth indicate that landlords are still perceiving strong retention among existing tenants, with 68% renewal rate, even as the renewal rate has declined from over 70% from one year ago, the report said.

“However, completions are outpacing absorption, particularly in the Miami and West Palm Beach-Boca Raton market areas, putting downward pressure on new lease rents,” the report continued. “Rents on new leases are at -0.1% from one year ago in the Miami market area, at -0.9% in the Fort Lauderdale market area, with gains to lease with negative new lease trade-outs in all market areas.”

With the renewal rate declining from one year ago, landlords are attracting new tenants and bolstering occupancy by offering concessions. In the Miami market area, 10% of units offer concessions, and in the Fort Lauderdale area, roughly 15% of units offer concessions, according to the Miami Association of Realtors’ insights.

“Intense construction activity underway is likely to put further downward pressure on rent growth and offer concessions as landlords try to maximize retention and attract new tenants,” the association said.