Miami–Miami Beach–Kendall — Q1 2026 Rental Market Report
The Miami–Miami Beach–Kendall metropolitan division represents the core of South Florida's rental market and one of the most expensive in the southeastern United States. In Q1 2026, this market continued to outperform Florida broadly, supported by strong international demand and constrained supply in desirable urban neighborhoods.
Key Metrics — Q1 2026
- Median rent (Miami city): ~$3,000/month (agentsgather.com)
- Year-over-year change: +2.6%
- ZORI (Miami-Dade, Feb 2026): $2,795
- 1-BR median (Apartment List, Jan 2026): $1,473 | 2-BR: $1,859
- Multifamily vacancy: ~7.4%
Market Conditions
Miami Beach, Brickell, Coconut Grove, and Coral Gables continue to command premium rents with low availability. Luxury condo-conversions and short-term rental competition (Airbnb) reduce long-term rental supply in prime areas. Kendall and southwest Miami-Dade offer more affordable inventory but remain competitive. The market here is genuinely bifurcated: luxury is strong; workforce housing is severely undersupplied.
Outlook for Landlords
Miami's core market is expected to continue outperforming Florida peers. However, landlords face significant cost pressure from insurance (particularly in coastal flood zones) and rising property taxes. Net operating income discipline is essential. Long-term, the structural undersupply of workforce housing in Miami-Dade supports sustained rent levels for non-luxury product.
Sources: agentsgather.com (2026), Florida Housing Data Clearinghouse ZORI & Apartment List data, Florida Realtors (April 2026).