By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways:
- Multifamily asking rents rose 0.6% year-over-year in February 2026 in the Miami Metro Area while rents declined in most major Sunbelt markets.
- High-income renters are supporting the demand for upper tier rentals (B+, A+), with rents up year-over-year in South Florida’s priciest urban core and coastal markets like Downtown Miami and Wynwood.
- Rents are likely to continue rising at a modest pace as rental demand increases amid rising mortgage rates in 2026 and an uptick in out-of-state migration from high-tax states.
Download the February 2026 South Florida Rental Market Report HERE.
Miami Metro Area multifamily rent growth continues to outpace most Sunbelt markets
Asking rents on multifamily units in the Miami Metro Area rose 0.6% year-over-year in February 2026, about the same pace as in January (0.7%), based on Zillow rental data. In the Port St. Lucie Metro Area, multifamily asking rents rose a stronger 2.6% (2.3% in January). Nationally, the median asking rent rose at stable year-over-year pace of 1.4% (1.4% in January).
Miami Metro Area’s rent growth is outpacing other Sunbelt markets where asking rents have declined due to high vacancy rates, such as in Austin (-3.2%), San Antonio (-2.8%), Tampa (-2.6%), Denver (-2.0%), Phoenix (-2.0%), Houston (-1.1%), Charlotte (-1.0%), Dallas (-0.5%), and Orlando (-0.5%).
Rents are up year-over-year in South Florida’s priciest urban core and coastal rental markets
Rents rose strongly in the priciest areas which are the urban core and coastal areas where renters enjoy South Florida’s urban vibe or relaxed coastal living.
In the Miami Market Area, rents rose in 16 of the 31 submarkets, including the priciest urban core and coastal areas of Coral Gables (+1.9%), Wynwood (+4.7%), Miami Downtown (+2.9%), and Miami Beach (+3.5%). Occupancy rates in these areas are over 95%, indicating a strong rental demand for units in these areas that are the epitome of Miami’s urban vibe. But rents rose at the strongest pace in Florida City (+8.0%), where rents are the most affordable.
In the Fort Lauderdale Market Area, rents rose in 11 of the 24 submarkets, including the priciest areas of Fort Lauderdale-Central (+0.5%), Fort Lauderdale Coastline (+ 1.0%), Parkland (+6.0%), and Pompano Beach Pier (+2.9%). Rents rose at the strongest pace in For Lauderdale North (+8.0%). Occupancy hovers at 95% in these areas.
In the West Palm Beach-Boca Raton Market Area, rents rose in 11 of the 17 submarkets, including the priciest areas of West Palm Beach Central (+8.3%), Delray Beach (+2.3%), Boca Raton-West (0.3%), North Palm Beach (+2.3%), Palm Beach Gardens (2.8%), and Jupiter (1.6%). Occupancy is at 94% to 96% in these areas.
In the Port St. Lucie Market Area, 5 of 9 submarkets saw higher rents from one year ago. Hobe Sound saw the largest rent increase (+12.3%), followed by Vero Beach (+7.9%), Palm City (+5.2%), Sebring (+2.3%). and Fort Pierce (+0.5%). Occupancy is at 95% to 96% in the priciest markets.
Rents rose in upper-tier (B+, A+) rental units. In the Miami Market Area, actual rents rose 0.6% year-over-year in February, bolstered by a 0.7% increase in Upper Mid-Range rental housing ($2,743 average rent).
Changing renter demographics could be driving the demand for upper-tier rental housing. According to a MIAMI Realtors® report, a higher fraction of out-of-state job switchers who moved to the Miami Metro Area are increasingly white-collar workers with an average income of $101,400, providing a pool of renter households who can afford to live in upper tier rental housing that offer their desired amenities and neighborhood location. New York, Texas, and California: Top States Switching Jobs to South Florida – MIAMI REALTORS® .
Rent Outlook: rents are likely to continue to increase at a modest pace over the next three years
South Florida is likely to continue to see sustained but modest rent growth. South Florida is experiencing robust multifamily construction activity with projected new completions slightly outpacing net absorption. However, rising mortgage rates in 2026 and increased migration from high-tax states like New York, California, and Washington support a potential uptick in net absorption from the current levels.
In the Miami Market Area, roughly 10,000 units will be completed per year from 2026-2028, according to Yardi Matrix estimates based on project timelines. This is slightly above the annual absorption of 8,000 units, but elevated mortgage rates in 2026 and 2027 and increased out-of-state migration from high-tax states like New York, California, and Washington could lead to higher absorption.
As of February 2026, Yardi Matrix reported 37,392 units under construction. About half (18,139) are in the Miami Market Area. The submarkets with the most construction are Downtown Miami (2,034 units), Hialeah (2,031), Homestead (1,816), Doral (1,333), and Edgewater (1,317).
In the Fort Lauderdale Market Area, 10,788 units are under construction. The submarkets with the most construction are in Fort Lauderdale-Central (3,607 units), Hollywood (1,675), and Davie (1,489).
In the West Palm Beach-Boca Raton Market Area, 4,762 units are under construction. The submarkets with the most construction are West Palm Beach-North (882 units), Boynton Beach (796), and West Palm Beach-Central (647).
In the Port St. Lucie Market Area, 3,703 units are under construction, with the largest in Port St. Lucie-West (1,541 units) and Fort Pierce (1,262).
