By Gay Cororaton, MIAMI REALTORS + RWorld Chief Economist
KEY TAKEAWAYS
- Multifamily asking rents rose across all South Florida counties in July 2026, outpacing the national year-over-year increase of 0.2%. Palm Beach County posted the strongest rent growth (2.5%), followed by Miami-Dade County (1.6%), Broward County (1.2%), and Martin County & St. Lucie County (0.8%).
- 67% of submarkets saw higher asking rents from one year ago, led by Coral Gables (9.5%), Pompano Beach (7.6%), and Miami Beach (7.5%).
- Net job migration in higher-paying industries like professional/tech, finance, and health care is driving a strong rental demand for upper-tier rentals.
Download the July 2026 South Florida Residential Rental Market Report HERE.
Palm Beach County posted highest rent growth of 2.5% year-over-over in South Florida in July 2026
Multifamily asking rents rose across all South Florida counties in July 2026, outpacing the national year-over-year increase of 0.2%.
Palm Beach County led in rent growth, with asking rents up 2.5% year-over-year in July 2026 (3.0% in July 2025). Rents rose strongly with 12-month completions through July 2026 of 613 units lagging net absorption of 1,619 units. Occupancy was unchanged from one year ago at 95.2%.
In Miami-Dade County, asking rents rose 1.6% year-over-year in July 2026 (1.2% in July 2025). Completions of 9,314 units mildly outpaced net absorption of 8,353 units in the 12 months ended July 2026, with occupancy declining slightly to 95.5% (95.9% in July 2025).
In Broward County, asking rents rose 1.2% year-over-year in July 2026 (-0.2% in July 2025). Occupancy was unchanged from one year ago at 94.9% with 1 2-months completions of 3,472 units roughly even to the net absorption of 3,432 units.
In Martin County and in St. Lucie County (which make up the Port St. Lucie Metro Area), asking rents rose at a modest pace of 0.8% (0.7% in July 2025). Rents rose at a modest pace with 12-month completions of 1,72 units strongly outpacing net absorption of 958 units, with occupancy decreasing to 93.2% (94.0% from one year ago
67% of South Florida rental markets post higher rents in July 2026
In July 2026, 69% of South Florida’s submarkets saw higher asking rents from one year ago.
In Miami-Dade County, 59% of submarkets saw higher rent growth, led by Coral Gables (9.5%), Miami Beach (7.5%), and Downtown Miami (6.8%). However, asking rents were lower from one year ago in Brickell (-2.2% ) with occupancy at 94%.
In Broward County, 58% of submarkets saw higher rent growth, led by Pompano Beach – South (7.6%), Parkland (4.2%), and Coral Springs – North (3.6%). However, asking rents declined in areas with occupancy at below 95% such as Weston (-2.3% ), Lauderhill (-2.5%), North Lauderdale (-1.7%), and Pompano Beach North (-1.0%).
In Palm Beach County, 88% of submarkets saw higher rent growth, led by West Palm Beach – Central (5.8%), Wellington (5.8%), and West Palm Beach – North (4.4%).
In Martin County and in St. Lucie County (which make up the Port St. Lucie Metro Area), 77% of submarkets saw higher rent growth, led by Hobe Sound (3.9%), Sebring (3.0%), and Fort Pierce (2.7%).
Stronger occupancy and rent growth in upper-tier rentals compared to lower-tier rentals
South Florida continues to experience a strong demand for upper-tier rentals as the area continues to experience net job migration in higher-paying industries like professional/business/tech services, finance, and health care workers, and a net out-migration of workers in lower-paying industries like retail trade and food services and accommodation. Miami Job Migration Generates $3.6 Billion in Net Wage Gains – MIAMI REALTORS® + RWorld
In Miami-Dade County, asking rents rose 1.1% in discretionary (A+/A) rentals and 3.2% in upper mid-range (A-/B+) while asking rents fell 1.1% in low mid-range housing (B/B-) and decreased 0.5% in workforce housing (C+/C). Occupancy moderated by 0.1 percentage points to 95.4% in July 2026 compared to one year ago but declined 0.8 percentage points to 96.1% in workforce housing.
In Broward County, asking rents rose 1.8% in discretionary (A+/A) rentals and increased at a slower pace of 0.3% in workforce housing (C+/C). Occupancy was stable at 95.3% in discretionary housing while occupancy in workforce housing declined 2.0 percentage points to 93.0%.
In Palm Beach County, asking rents rose 3.8% in discretionary (A+/A) rentals and 1.8% in upper mid-range (A-/B+) and 2.6% in upper mid-range rentals (A-/B+). However, asking rents declined 0.5% in low mid-range (B/B-) and workforce housing (C+/C). Occupancy rose 0.2 percentage points to 95.6% in discretionary housing and decreased 1 percentage point to 92.9% in workforce housing.
In Martin County and St. Lucie County (which make up the Port St. Lucie Metro Area), asking rents rose 1.5% in discretionary (A+/A) rentals and increased at a slower pace in low mid-range (B/B-) by 0.1% and 1.1% in workforce housing (C+/C). Occupancy decreased 0.8 percentage points to 93.0% in discretionary housing and by 0.6 percentage points to 94.0% in workforce housing as completions strongly outpaced net absorption.
