Miami Rent Market Cools: Zumper National Rent Report Reveals Steepest Declines in Florida

Miami’s rental market is showing signs of significant cooling, with the latest Zumper National Rent Report indicating the steepest annual rent declines among Florida metros—largely driven by a flood of new supply and rising outbound migration.

National Picture: First Widespread Rent Decline

In August 2025, the median one-bedroom rent in the U.S. dropped 0.2% to $1,517, while two-bedrooms fell 0.4% to $1,897. This marks the first time the national rent index has declined across the board, both month-over-month and year-over-year, and represents the fourth consecutive month of slowing growth.

Miami Leads Florida in Rent Declines

Miami topped the list among Florida markets for rent declines—posting annual drops of 6.5% for one-bedrooms and 6.7% for two-bedrooms. This downturn is fueled by a rapid increase in rental inventory, along with more residents leaving the city, giving renters unmatched leverage.

Local Snapshot: Median Rent, Trends & Neighborhoods

As of August 2025, the median rent in Miami across all property types and bedroom counts was $3,100, placing it 55% above the national average. Rent in Downtown Miami averaged even higher—$3,634, or 82% above the national norm.

Monthly and annual trend highlights in Miami:

• Miami overall:
  • ↓ 3% month-over-month
  • ↓ 5% year-over-year
• Downtown Miami:
  • ↑ 3% in the last month
  • ↓ 2% year-over-year
• Average rents by property type:
  • Apartments: $2,600
  • Condos: $3,250
  • Houses: $3,500

South Florida Patchwork: Pockets of Steeper Drops

Some cities in the Miami-Dade and Broward regions experienced even sharper rent declines:

• Hallandale Beach: –13.6% year-over-year
• Hollywood: –9.5%
• Delray Beach: –7.5%

Monthly drops were also notable:

• Coral Gables: –4.6%
• Pompano Beach: –4.4%
• Homestead: –3.2%

Meanwhile, in August, the most expensive markets for one-bedroom apartments were:

• Miami: $2,610
• Miami Beach: $2,520
• Doral: $2,400
• Sunny Isles Beach: $2,330
• Coral Gables: $2,300

What’s Behind the Softening Market?

• Intense new rental supply—including large-scale developments—has flooded the market, increasing choices and vacancy rates.
• Outbound migration compounds downward pressure, as more tenants leave the city.
• Suburban markets are absorbing demand, stabilizing rent trends outside Miami’s core.

What This Means for Renters and Landlords

• Renters now hold more negotiating power and have more housing options—versus a year ago, when competition was fierce.
• Landlords and developers may need to adjust pricing strategies or offer incentives to secure tenants as inventory continues to rise.
• Developers working on projects—including Flow Brickell and other large-scale developments—will need to monitor leasing velocity and market absorption carefully.