If you only read the county headline, Miami's rental market looks flat. MIAMI REALTORS and RWorld's August report, built on Yardi Matrix data, shows Miami-Dade average asking rents at $2,664, up 1.6% from a year ago, with occupancy at 95.3%. Nothing to see.
Then you read the submarket table, and it splits in half. Miami Beach: +6.9%. Brickell: -2.6%. Edgewater: -2.2%. Those are the same metro, the same month, and almost opposite stories. If you own on the Beach, this is the most useful rental number I have seen all year.
The split, in numbers
Coral Gables: asking rent +8.7% year over year, 94% occupied, average asking rent $4,417 per unit
Miami Beach: +6.9%, 95% occupied, $3,367 per unit
Downtown Miami: +6.5%, 94% occupied, $3,385 per unit
Edgewater: -2.2%, 97% occupied, $3,325 per unit
Brickell: -2.6%, 94% occupied, $3,570 per unit
Two things to notice. First, Edgewater is 97% occupied and still cutting rent. That is the same pattern I wrote about in September: full buildings are not pricing power when a wave of new, competing supply is nearby. Second, the Beach is not simply "expensive and full." It is growing rents from a position of 95% occupancy, with an average asking rent per unit that sits below Brickell's.
A caution on the data. Yardi Matrix tracks professionally managed apartment communities, so it is a view of larger, institutional-style buildings, not every older walk-up or condo rental on the Beach. The report's PDF table is also laid out awkwardly, so I matched each row to the figures MIAMI REALTORS cited in its own narrative. The July report, covered in their August 18 release, had Miami Beach at +7.5%, so the Beach cooled a little from July to August while staying far ahead of the county.
Another measure points the other way, which is worth knowing. Apartment List's October report puts Miami Beach's overall median rent at $1,781, up 1.2% year over year and down 0.9% in September. That is a broader sample of listings, including smaller and older units. The two sources do not agree on the level or the growth rate, and I would not pretend they do. They do agree that you should not treat the Beach as one rental market. It is several.
Why Brickell and the Beach are moving apart
I can only point to what the data shows, and I am not going to claim more than that. Miami-Dade added 8,313 completed units over the last 12 months against 8,259 units of net absorption, so demand has nearly kept pace with supply county-wide. About 10.5% of units are offering concessions, worth roughly 4.8% of average annual rent. The report does not say why Brickell and Edgewater are softer, but both are neighborhoods where new towers have been leasing up, and heavy concessions tend to show up where buildings compete head to head. What I can say from the numbers is that the Beach is not following that pattern, and I would not assume it will. Check each building's own pipeline before you rely on any of this.
💡 What I tell owners: do not let a county average set your expectations. Ask what your building, and the buildings competing with it, are actually doing.
What this means for you in Miami Beach
If you own an investment unit and are weighing sell versus hold
Redfin's latest data has the overall Miami Beach median sale price at $542,500, down 4.8% year over year (three months through August, all property types), while rents in professionally managed buildings were growing at 6.9%. Prices falling and rents rising in the same place narrows the gap between what it costs to own and what it earns. That helps an income buyer's math, and it is a reason a well-priced rental unit can find a buyer. It also means a unit with solid rental history is worth more to a buyer than the same unit sitting empty. I would get both numbers before deciding: what you would net selling, and what you would net holding, after your building's assessments and reserves.
If you have a tenant in place
Renewals are paying more than new leases. In July, Miami-Dade renewal leases traded out at +3.5% against +0.6% for new leases, and the August table showed +3.3% and -0.8%. A tenant who stays is worth real money compared to a vacancy and a re-lease at a lower rate. If you plan to sell in the next six to twelve months, whether to sell with the lease in place or deliver the unit vacant is a pricing decision, and it depends on the lease terms and the buyer pool.
If you were thinking about a short-term rental instead
The annual-lease numbers are better than many owners assume. In my September analysis of what a Miami Beach short-term rental actually nets, the average one lost to a plain annual lease once you count all the costs. Rising annual rents make that comparison harder for STR, not easier.
If you are an investor shopping the Beach
Do not underwrite it with a Brickell playbook, and do not underwrite Brickell with a Beach one. Look for buildings where concessions are rare, occupancy is steady, and there is no new tower leasing up next door. Then underwrite on today's in-place rents, not on last year's growth rate.
Own on Miami Beach and wondering whether to rent it, hold it or sell it? I will run you a real number for each, based on actual closed comparables, current rents in your building, and your carrying costs. No pressure, no pitch.
Looking to buy or invest on the Beach? Let's find your place. I will show you the buildings where the rent and the price actually line up.
👉 Message me on WhatsApp | ✉️ silvana@carvalhoresidences.com | 📞 +1 (786) 767-0131
Frequently asked questions
Are Miami Beach rents going up?
According to MIAMI REALTORS and RWorld's August 2026 rental report using Yardi Matrix data, asking rents in Miami Beach's professionally managed apartment communities were up 6.9% year over year, with occupancy around 95%. Apartment List's broader measure shows a median of $1,781, up 1.2%. The two sources use different samples.
Why are Brickell and Edgewater rents falling?
Both showed year-over-year declines in the August report (Brickell -2.6%, Edgewater -2.2%). Miami-Dade added about 8,313 completed units over 12 months, and about 10.5% of units are offering concessions. Competing new supply in those neighborhoods is a likely factor, though the report does not state causes.
What is the average rent in Miami-Dade right now?
The August 2026 report puts the Miami-Dade average asking rent at $2,664, up 1.6% year over year, with 95.3% occupancy. That figure covers professionally managed apartment communities tracked by Yardi Matrix.
Should I sell or rent out my Miami Beach condo?
It depends on your carrying costs, your building's assessments and reserves, your mortgage, and your goals. A side-by-side comparison of your net from selling today against your net from holding and renting is the right way to decide. I can run both numbers for you.
Sources: MIAMI REALTORS and RWorld, South Florida Rental Market Reports for August 2026 and July 2026 (Yardi Matrix data) and "South Florida Apartment Rents Outpace U.S. Average, Led by Palm Beach County" (Aug. 18, 2026); Apartment List, Miami Beach Rent Report (Oct. 2026); Redfin, Miami Beach housing market page (data through Aug. 2026). Figures are as reported by those sources. The August submarket table was matched to the report's narrative figures because the PDF layout is garbled. Yardi Matrix covers professionally managed apartment communities, not every rental unit. This is general information, not legal, tax or investment advice.
