Miami Apartment Rents Essentially Flat in August 2026 at an Average $2,773
RentCafe, using Yardi Matrix data, puts the average city of Miami apartment rent up 1.05% year over year. Other trackers disagree, and the reason matters.
Updated Oct 15, 2026: removed Zumper and Multi-Housing News figures that I had not verified on their source pages.
RentCafe, using Yardi Matrix data last updated August 31, 2026, reports that “The average rent for an apartment in Miami is $2,773, a 1.05% increase compared to the previous year, when the average rent was $2,744.” The average apartment measures 890 square feet. After several years of double-digit moves, that is a flat market.
By bedroom count
- Studios at $2,265. RentCafe calls them the most budget-friendly option, at 465 square feet.
- One bedrooms at $2,450. For 730 square feet.
- Two bedrooms at $2,995. For 1,044 square feet.
- Three bedrooms at $3,741. For 1,326 square feet, the most space per lease.
The trackers disagree, and that is the point
Other trackers will not match this number, and they are not supposed to. Some measure only the city of Miami, some a single submarket like Downtown, some the whole metro area, and some report asking rents by bedroom count. I am using the RentCafe and Yardi figure here because it is the one I verified on the source page. For Zumper's one- and two-bedroom series, see my September rent update, and compare Zumper to Zumper.
My read
Roughly 1% rent growth is the number a landlord needs before setting a 2027 renewal, and it does not support an aggressive increase. Supply is the reason: two Edgewater towers alone are bringing close to 900 rental units. No source I found quantified concessions, which is where softening usually hides first, so the effective number a tenant pays may be below the asking number. Flat rents also change the buy-versus-rent math. For context already published here, the Miami-Dade condo median was $400,000 in July 2026 against roughly 12 months of supply, and Freddie Mac's 30-year sat at 6.76% on September 10, 2026. Rents are no longer outrunning ownership costs the way they did in 2021 and 2022. If you are renting and planning to buy, waiting costs you less this year than it used to.
I will show you what comparable units are actually asking, and what they are conceding, before you sign.
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