Miami is the most competitive rental market in the U.S., with 19 prospective renters per unit, a 94.1 Rental Competitiveness Index score, and apartments typically rented within 36 days, driven by high lease renewal rates and limited new housing supply.
Miami remains the most competitive rental market in the United States, according to a report by RentCafe, with 19 prospective renters per unit.
The report shows that 73.6 percent of renters in Miami renewed their leases, indicating a tight market. Just 3.5 percent of Miami’s rental units are available, and new constructions make up just 0.55 percent of the housing supply, below the national average of 0.61 percent. Available apartments are typically rented within 36 days, compared to the national average of 46 days. With a Rental Competitiveness Index (RCI) score of 94.1, Miami surpasses the national average of 73.4.
“Apart from local renters, Miami continues to draw a steady stream of professionals attracted by job prospects across various industries, in addition to the allure of a relaxed lifestyle in the Sunshine State,” the report stated. “And, with fewer options to choose from compared to the same time last year, this influx only intensified the competition among apartment hunters at the start of the 2024 rental season.”
Florida as a whole also shows high rental competitiveness with an RCI score of 78.9, the highest among U.S. regions. Broward County and Orlando are particularly high, as the former holds an RCI score of 77.3, with 13 renters per available unit and a lease renewal rate of 67.3 precent . Apartments in Broward County are rented in an average of 43 days.
Orlando, ranking 7th nationally, has an RCI score of 78.8 and an occupancy rate of 94.6 percent. The city sees 11 renters competing for each available apartment, with units typically rented in 39 days. The lease renewal rate in Orlando is 67.8 percent. Orlando’s population is growing rapidly, with an estimated increase of 1,500 new residents per week until 2030, driving high demand for rentals.