Miami was once again the strongest rental market in the nation in 2024, even though it cooled from last year, according to RentCafe’s Year-End Report.
It is the third year in a row that Miami has held the title.
During the year, Miami saw a 4.12% increase in new rental units added to its inventory (0.41% more than in 2023).
72% of Miami renters renewed their leases, up 0.8% from the previous year.
Each vacant rental in Miami attracted 18 prospective renters on average (four fewer than 2023).
Apartments were leased in an average of 33 days, down 2 days from 2023.
Broward is less competitive than Miami-Dade, but still above the national average, the report said. There, 12 renters competed for each vacant apartment, two-thirds of renters renewed their leases, and apartments were leased in 39 days.
The ranking’s Rental Competitiveness Index put Miami-Dade at 91.2 (the highest in the nation), Broward at 80.3, and the national average at 74.4.
Edgewater’s Forma apartment tower under construction in July:
