Miami-Dade asking rents rose 2% year over year in September, compared with a 0.7% national increase, according to a new MIAMI REALTORS® report.
MIAMI — October 27, 2026 — Apartment asking rents across South Florida continued to grow faster than the national average in September 2026, even as thousands of new rental units remained under construction, according to the latest South Florida Residential Rental Market Report from MIAMI REALTORS® and RWorld.
Miami-Dade County recorded a 2.0% year-over-year increase in multifamily asking rents, while Broward County posted a 1.5% gain and the West Palm Beach–Boca Raton market area led the region with a 2.6% increase. Nationally, asking rents rose 0.7%, based on Yardi Matrix data cited in the report.
The average monthly asking rent reached $2,669 in Miami-Dade, $2,472 in Broward and $2,605 in Palm Beach County. In the Martin and St. Lucie counties market area, average asking rent stood at $2,040, with no annual increase.
Miami-Dade Construction Pipeline Remains Substantial
Miami-Dade had 20,908 multifamily units under construction as of September, representing 10.7% of its existing rental inventory. The report identified that construction share as the highest in the nation.
Over the preceding 12 months, Miami-Dade absorbed 8,098 rental units while 8,050 units were completed, indicating that demand slightly exceeded new deliveries during the period.
The report projects 8,832 multifamily completions in Miami-Dade for 2026.
Elsewhere in South Florida, Broward County had 9,436 units under construction, while Palm Beach County had 6,997. The combined Martin and St. Lucie counties market area had 1,645 units underway.
Lease Renewals Tell a Different Story From New Leases
Although advertised rents increased across much of the region, the report highlights differences between lease renewals and newly signed leases.
In Miami-Dade, rents on renewed leases increased 3.2% over the preceding 12 months, while rents on new leases were 1.1% lower than those paid by departing tenants.
Broward showed a similar pattern, with renewal lease rents increasing 3.0% and new lease rents declining 2.1% on the same trade-out basis.
Palm Beach County was the only market area in the report where new lease rents exceeded the rents paid by departing tenants, recording a positive 0.3% trade-out. Its renewal lease trade-out was 3.1%.
These figures suggest that renters entering new leases may be encountering different pricing conditions from existing tenants renewing their agreements.
Regional Vacancy Remains Below the National Rate
The Miami–Fort Lauderdale–Pompano Beach metropolitan area’s multifamily vacancy rate stood at 6.5%, below the national rate of 7.0%, according to Apartment List figures cited in the report.
The Port St. Lucie metropolitan area recorded a higher vacancy rate of 7.7%, as new apartment completions exceeded net absorption.
Across the broader South Florida region, the report points to continued rental demand alongside a significant development pipeline. The balance between new apartment deliveries, leasing activity and renewal pricing will remain an important indicator of rental market conditions in the coming months.
Source: MIAMI REALTORS® + RWorld, South Florida Residential Rental Market Report, September 2026. Rental market figures are drawn from Yardi Matrix and Apartment List data cited in the report.
