By Gay Cororaton, MIAMI REALTORS + RWorld Chief Economist
Key Takeaways
- Asking rents rose at stronger year-over-year pace in May 2026 than nationally (0.2%) in Miami-Dade County (1.5%), Broward County (0.6%), and Palm Beach County (2.0%).
- Asking rents rose at a more robust pace in Class A multifamily rentals than in Class C rentals amid strong job growth in professional and business services and financial activities industries.
- 48% of South Florida’s 81 submarkets had higher asking rents compared to one year led by Miami-Overtown (12.8%), West Palm Beach-Central (10.1%), Miami Beach (9.7%), Coral Gables (9.1%), and Pompano Beach-South (8.3%).
Download the May 2026 South Florida Rental Market Report HERE.
South Forida’s asking rents rose at faster pace than nationally amid tighter vacancy rates in May 2026. Similar to the for-sale housing market that is experiencing a strong demad for million-dollar homes, occupancy rates for class A+/A rental housing is robust with a healthy occupancy rate of 95% to 96% and with asking rents rising at a strong pace than Class C rentals. More high-wage job creation and skilled job switchers moving to the area are bolstering the demand for upper-tier rentals. See Miami Ranks No. 1 for Private Employment Growth in Florida – MIAMI REALTORS® + RWorld
In Miami-Dade County, asking rents in May 2026 rose 1.5% to $2,660, outpacing the 0.2% increase nationally. Stabilized occupancy remains healthy at 95.4% and above the national rate of 94.1%. Asking rents rose 0.4% year-over-year in Class A+/A rentals but declined 1% in Class C rentals.
In Broward County, asking rents in May 2026 rose 0.6% to $2,472, outpacing the 0.2% increase nationally. Stabilized occupancy rate was at 94.3%, also higher than nationally. Asking rents rose 0.8% year-over-year in May 2026 in Class A+/A rentals, outpacing the 0.2% increase in Class C rentals.
In Palm Beach County, asking rents in May 2026 rose 2.0% to $2,603, the highest pace of rent growth, outpacing the 0.2% increase nationally. Occupancy rose to 95.2% above the national rate of 94.1%. Asking rents rose 2.6% year-over-year in May 2026 in Class A+/A rentals, outpacing the 2.2% increase in Class C rentals.
In St. Lucie County, asking rents in May 2026 decreased 0.9% from one year ago to $2,031, below the 0.2% gain nationally. However, asking rents rose 3.7% year-over-year in May 2026 in Class A+/A rentals, but fell 4.4% increase in Class C rentals.
48% of South Florida submarkets had higher asking rents in May 2026 from one year ago
In May 2026, 48% of South Florida’s 81 submarkets had higher asking rents compared to one year ago in multifamily buildings with at least 50 units (47% in April 2026).
In Miami-Dade County, 42% of 31 submarkets had higher rents in May from one year ago (55% in April) led by Miami-Overtown (12.8%), Miami Beach (9.7%), Coral Gables (9.1%), Miami-Downtown (6.0%) and Florida City (3.8%).
In Broward County, 50% of 24 submarkets saw higher asking rents in May from one year ago (33% in April) led by Pompano Beach-South (8.3%), Parkland (6.8%), Hollywood (5.6%), Coral Springs-North (3.7%), and Fort Lauderdale Central (1.9%).
In Palm Beach County, 59% of 17 submarkets had higher asking rents in May from one year ago (47% in April) led by West Palm Beach-Central (+10.1%), Boynton Beach (+4.1%), Palm Beach Gardens (+4.0%), Delray Beach (2.7%), and West Palm Beach-West (2.0%).
In St. Lucie County, half of 8 submarkets had higher asking rents in May from one year ago (56% in April 2026): Vero Beach (+5.4%), Fort Pierce (+1.8%), Hobe Sound (1.5%), and Palm City (1.5%).
