Is Now the Right Time to Rent in South Florida? A Data-Driven Look

Rents Are Cooling—but with Pockets of Strength

South Florida’s rental market is showing signs of relief after years of steep price increases. Data from Zumper reveals that several cities are experiencing notable year-over-year rent declines, reflecting a broader cooling trend in the region.

Hallandale Beach saw the steepest drop, with rents down 13.6% compared to last year. Hollywood followed closely with a 9.5% decline, while Delray Beach rents slipped 7.5%. On a month-to-month basis, similar easing is evident, with Coral Gables rents falling 4.6%, Pompano Beach down 4.4%, and Homestead rents declining 3.2%.

These figures suggest that markets once considered overheated are beginning to normalize. The combination of new apartment supply, shifting demand, and affordability pressures appears to be rebalancing rental dynamics across South Florida.

Still, the cooling isn’t uniform. While some cities see significant drops, others remain relatively strong, highlighting the region’s diverse housing landscape. For renters, this creates opportunities to find better deals in select areas, while landlords may face greater competition to attract tenants.

Overall, South Florida’s rental market is entering a new phase—one where the extremes of rapid price growth are giving way to a more measured environment, though local variations remain key.

Statewide Rent Trends Still Elevated

While some South Florida cities are seeing rental declines, Florida’s overall rental market remains elevated compared to the national average. According to Zillow, the state’s average rent across all home types sits at $2,400 as of early September 2025. This reflects a modest decrease of $95 year-over-year and $40 month-over-month, signaling a slight easing in rental pressures.

Despite these small declines, Florida continues to rank well above the national average, with rents approximately 14% higher than the U.S. median. The data underscores the ongoing demand for housing in the state, driven by population growth, limited supply in certain markets, and strong appeal for both domestic and international renters.

For prospective tenants, the trend suggests opportunities to negotiate better rates in some areas, but the overall cost of living in Florida remains higher than much of the country. Meanwhile, landlords may still benefit from a market that, while cooling in pockets, continues to support relatively strong rental prices statewide.

Rent Pressure Remains High in Miami and Broward

Despite cooling trends in some South Florida cities, rental pressure remains intense in Miami and Broward County. According to the RentCafe Rental Competitiveness Index (RCI), Miami scores 96.7, significantly above the national average of 74.6, highlighting the city’s highly competitive rental environment.

In practical terms, apartments in Miami rent remarkably quickly, filling in an average of just 36 days and attracting roughly 21 prospective renters per unit. Broward County is experiencing similar pressures, with low vacancy rates and limited new housing supply keeping competition high for renters.

These conditions indicate that, while other areas may be seeing softening rents, Miami and Broward continue to demand strong rental rates. Renters face a fast-moving market, where securing a desirable apartment can require speed and flexibility, while landlords benefit from sustained demand and minimal vacancy risk.

Strong Population Inflows Fuel Rental Demand

Florida’s rental market has been under immense pressure in recent years, largely due to the state’s rapid population growth. Between 2019 and 2023, Florida added more than a million households, with nearly 195,000 of those being renters, according to the Shimberg Center for Housing Studies and reporting from WLRN. This surge in demand has pushed rents sharply higher—climbing roughly 39% during that same period, from an average of $1,238 to $1,719 per month (WLRN).

Much of this demand comes from migration trends. Florida continues to attract new residents from high-cost states like New York, where many are drawn by Florida’s lack of state income tax, growing job opportunities, and appealing lifestyle. Reports from the New York Post highlight that this influx often includes affluent professionals and retirees, adding further competition to the housing market. Meanwhile, MIAMI REALTORS® note that the migration boom has not only supported population growth but also fueled ongoing demand for both rentals and home purchases.

The result is a rental market where supply struggles to keep pace with new demand, intensifying competition among prospective tenants. Unless construction and affordability measures accelerate, Florida’s population inflows will continue to sustain upward pressure on rents in the years ahead.

New Supply Is Emerging, But Affordability Remains a Challenge

While Florida’s rental market has been defined by steep demand and rising costs, new construction is beginning to bring some relief in certain areas. In Boca Raton, for example, a wave of higher-density rental projects is underway, with roughly 7,600 new apartments planned. This surge in development is helping to stabilize rents across parts of Palm Beach County (New York Post). In Miami, some luxury rental properties are even offering concessions—such as discounted rents, waived fees, or flexible lease terms—to fill vacancies (Home for Rent Miami Florida).

Yet, despite these signs of progress, affordability remains a pressing challenge. Even housing labeled “affordable” is often priced beyond the reach of the very workers it aims to serve. Axios reports that in Miami Beach, one affordable-housing building charges $2,554 per month for a 513-square-foot one-bedroom unit—translating to a higher per-square-foot cost than larger market-rate apartments. This mismatch highlights the disconnect between supply growth and true affordability, leaving many moderate- and low-income households still struggling to find housing within their means.

Unless future projects prioritize cost-accessible options, Florida’s growing supply may do little to ease the affordability crisis, even as it brings more units online.

Rent vs. Buy—Renting Remains Less Costly

For many Florida households, renting continues to be the more practical option compared to buying a home. Elevated mortgage rates, combined with high property values, have widened the affordability gap between renting and owning. In Miami-Dade, for example, the monthly cost of a median-priced home—including principal, interest, taxes, and insurance (PITI)—is about $2,116 higher than the median rent, according to MIAMI REALTORS®.

This gap has made homeownership unattainable for many would-be buyers. Even with a down payment, only around 11% of renter households in the area can comfortably afford to purchase a home based on current income levels and housing prices (MIAMI REALTORS®). The result is a market where renting is not just a choice but often the only financially viable option for the majority of households.

Unless mortgage rates ease or incomes rise significantly, renting is likely to remain the more affordable path for most Floridians in the near future.

Bottom Line: Is Now the Right Time to Rent in South Florida?

• Yes, if you're seeking flexibility or affordability: Cooling rents in several markets and the rising cost of homeownership make renting a practical choice—especially for middle-income or lower-income households.

• Proceed strategically: In hyper-competitive areas like Miami and Broward, expect bidding, fast-moving listings, and strong demand—even if rent is plateauing.

• Look for new developments: Markets with growing supply, like Boca Raton and some luxury segments offering concessions, may provide better opportunities.

• Affordable housing remains limited: Most affordable rentals are still hard to find, and even subsidized units can be priced beyond reach.

Sources: 

• Zumper data via World Red Eye

• Zillow

• RentCafe

• Shimberg Center for Housing Studies; WLRN; New York Post; MIAMI REALTORS®

• New York Post; Home for Rent Miami Florida; Axios

• MIAMI REALTORS®

• Zumper rent trends in South Florida, including declines in Hallandale, Hollywood, Delray Beach, etc. World Red Eye

• Zillow average Florida rent info of $2,400 and market temperature Zillow

• RentCafe Rental Competitiveness Index data for Miami and Broward RentCafe

• UF Shimberg Center data: added households and 39% rent hike Shimberg Center for Housing StudiesWLRN

• Migration of high earners from New York and impacts on demand and housing New York PostMIAMI REALTORS®

• Boca Raton new apartment developments and stable rents New York Post

• Luxury rental incentives and construction increase in Miami Home for Rent Miami Florida

• Affordable housing cost issues at Anamar Miami Beach Axios

• Rent vs. buy cost difference and limited affordability MIAMI REALTORS®+1