By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- In March 2026, the Miami Metro Area had the lowest multifamily vacancy rate at 6.6% and the highest asking rent growth at 0.7% year-over-year among the largest South Region metro areas.
- Rents rose in 56% of South Florida submarkets.
- Rent concessions and migration of higher-earning workers are driving occupancy in higher rent tier units, while occupancy is declining in Class B/C rentals.
Download the March 2026 South Florida Rental Report HERE.
Miami Metro Area is #1 in multifamily occupancy with the highest rent growth among major markets in the South Region in March 2026
The Miami Metro Area’s multifamily market continues to outshine the South Region metro areas as of March 2026. Among the top 30 metro areas, it is #1 in occupancy among the South Region largest metro areas, with the lowest vacancy rate of 6.6%, according to Apartment List.com. The vacancy rate is lower than the national rate, at 7.3%, and those of the largest South Region metro areas: Orlando (7.3%), Atlanta (7.8%), Houston (8.7%), Tampa (8.8%), Dallas (9.0%), Charlotte (9.3%), San Antonio (9.4%), and Austin (9.7%). The Miami Metro Area’s multifamily vacancy rate is also lower than the West Region metro areas of Las Vegas (7.5%), Phoenix (8.4%), and Denver (8.8%).
With its low vacancy rate, the Miami Metro Area was also #1 in multifamily asking rent growth among the South Region largest metro areas, according to Zillow rental data, with a year-over-year asking rent growth of 0.7% in March 2026. In the Port St. Lucie Metro Area (not a 30 largest metro area but considered part of South Florida), asking rent rose at an even robust pace of 3.7%. In comparison, asking rent growths declined in the other South Region metro areas: Dallas (-0.7%), Orlando (-0.8%), Charlotte (-0.9%), Houston (-1.6%), Tampa (-2.7%), San Antonio (-2.8%), and Austin (-3.3%). Asking rents also declined in the West Region metro areas of Las Vegas (-0.9%) and Phoenix (-1.6%).
Rents rose in March 2026 from one year ago in 56% of South Florida submarkets
Rents rose in 56% of South Forida’s 81 submarkets: Miami Market Area , 52% of 31 submarkets; Fort Lauderdale Market Area, 71% of 24 submarkets; West Palm Beach-Boca Raton Market Area, 82% of 17 submarkets; and Port St. Lucie Market Area, 56% of 9 submarkets.
Submarkets with the highest increase in asking rents in March 2026 from one year ago included Overtown-Miami (+13%), West Palm Beach-Central (+10%), Miami Beach (+10%). Florida City (7%), Vero Beach (+8%), Parkland (+7%), and Fort Lauderdale North (5%). Asking rents also rose strongly in major submarkets like North Miami (+4%), Downtown Miami (+3%), Hollywood (+4%), Fort Lauderdale-Central (+2%), and West Palm Beach- Central (+10%).
Submarkets that saw rent declines from one year ago included North Lauderdale (-6% ), Brickell (-4%), Dania Beach (-4%), Coral Springs South (-4%), Allapattah-Miami (-4%), Opa-Locka (-4%), and Lauderhill (-4%).
Rent concessions and migration of higher-earning workers are driving occupancy in higher rent tier units
Occupancy rates in upper-tier rental housing (discretionary, upper mid-range) have been trending upward while occupancy rates for lower tier rentals (workforce housing) have been declining.
One explanation is that some renters are moving up from lower rent tier units to higher rent tier units as landlords cut rents on new leases (negative new lease trade-out) and offer generous concessions (e.g. 1-2 months’ rent free) to attract new tenants and increase absorption, with new deliveries outpacing absorption (see earlier discussion).
Another reason is the shifting demographics of South Florida. According to a MIAMI Realtors® report, a higher fraction of out-of-state job switchers who moved to the Miami Metro Area are increasingly in the professional/business, information, finance, and legal professions, while lower-wage workers in retail, leisure and hospitality, and construction are moving out. Lower rent tier units vacated by blue collar workers will not attract out-of-state movers who tend to have higher wages than in-state movers and desire neighborhood and building amenities suitable for their lifestyle (faster internet, more space to work from home, near restaurants/shops). New York, Texas, and California: Top States Switching Jobs to South Florida – MIAMI REALTORS®
In older buildings facing declining occupancy, landlords could increase occupancy by providing amenity upgrades and renovations. These buildings will also be attractive to investors looking for value-add opportunities, particularly those in desirable locations.
