Best Time of Year to Rent a Miami Apartment or Condo (For Landlords and Renters)

Best Time of Year to Rent a Miami Apartment or Condo (For Landlords and Renters)

Aug 26, 2019 August 26, 2019

It would seem that in Miami, with its busy winters populated by tourists and snowbirds in comparison to its quiet, lazy summers during which many activities slow way down, landlords would have more luck renting their condos out during the winter months, as opposed to during the summer season. Yet the opposite actually appears to be the case. Statistics show that the period from June to August is the period with peak rental activity in the greater Miami area.

Number of Rentals in Greater Downtown Miami

Data sourced from MLS. Data may be subject to revision.


For both renters and landlords, these months are the busiest months in the Miami apartment rental market. 
According to a recent article on Renthop.com about the best time of year to rent in the top 10 U.S. Cities, Miami is following a national trend. That article notes that peak-to-trough differences, which refer to the differences in rent between the most expensive month versus the least expensive month of each year, ranged from 2.0% to 4.7% for 1-bedroom units, and 1.6% to 7.1% for 2-bedroom units in all of the top 10 cities. This represented a cost variance of anywhere from $38 to $139 monthly for renters in 1-bedroom apartments, and from $47 to $176 in 2-bedroom apartments.

Best Month to Rent an Apartment (for Renters)

The renthop.com article found that the most favorable time of year for renters to sign a lease across the 10 metropolitan areas was during the period between December and March, with December being the month with the lowest median rent across the 10 cities, while September had the highest median rent.  Renters are advised to avoid non-standard lease-terms greater than 12 months that could push the lease to end during the summer instead of the winter season, at which time market rates rise. 

While December is also statistically a good month to rent an apartment In Miami specifically, in both 2017 and 2018, January was the best month for renters to enter into a leasing contract here, as in both years January had the lowest median rental costs of the year. It makes sense, as people tend to want to move less during the holiday season and are usually just getting back into the flow of things just after the new year.

Median Rental in Greater Downtown Miami

Data sourced from MLS. Data may be subject to revision.


Conversely, there are more apartments available during the summer months, so you may have more options to select from by renting during this period, even though rents may be a bit higher. Specifically, apartments in the affordable range with rental prices between $1,500 and $2,500 monthly appear to be either more available or more easily rented during the period from June to August in Miami.

Rental Range

Data sourced from MLS. Data may be subject to revision.


How to Time your Apartment Rental Move

If your current rental lease has expired and you’re planning to move, but you haven’t yet found your next apartment or want to better time the market for your next move, your best bet is to request a month-to-month arrangement with your current landlord until you find the best deal.
 

What Time of Year is Rent the Least Expensive?

The seasonal fluctuations in the Miami rental market seem to be somewhat less dramatic than seasonal fluctuations in northern cities with significant climatic changes between winter and summer. Still, December and January remain the cheapest months for apartment rental costs in Miami as well as in the other 9 cities.

Can You Negotiate Rental Rates?

In some cases you may be able to negotiate the cost of rent with your landlord, particularly in cases of condo rentals. If you are renting from someone you know who trusts you to take good care of the property, you may get a discount on rent. Or you may offer to provide some service, such as making a repair or painting, in exchange for a reduction in the rent. Some landlords may agree to a rent discount for renters who sign a 24-month lease agreement instead of the standard 12 month agreement, or if you pay a portion or all of the rent up-front.

When is the Peak Rental Season in Miami?

With regards to both furnished and unfurnished condo units in Miami, the period from June to August continues to be the most active period for apartment rentals in the Miami area.  

On a quarterly basis, the 3rd quarter is consistently busiest in the great downtown Miami area.

Unfurnished Rentals in Miami Greater Downtown 

Furnished / Partly Furnished Rentals for Miami Greater Downtown 

Data sourced from MLS. Data may be subject to revision.

Best Time of Year to List an Apartment for Rent (for Landlords)

In Miami, June has consistently proven to be the best month for renting out property, and June also had the highest median rental rates in both 2017 and 2018. In general, the period between March and October are the best months for rentals in the Miami metropolitan area, with the peak of the season falling between June and August, and June having the most rental activity.

Number of Unfurnished Rentals in Greater Downtown Miami

Data sourced from MLS. Data may be subject to revision.

Best Time of Year To Get the Best Rental Prices (for Landlords)

The period from June to August period appears to be the most active period for rentals with the highest number of rentals occurring in the month of June, although the high season may extend from May through September. Rents then drop slightly from October through February, and begin to rise again in March.

Best Months to Rent Apartment that is Unfurnished in Miami Beach (for Landlords)

Furnished rentals in the greater downtown area follow the same patterns as unfurnished apartments; however, this pattern differs a bit in the Miami Beaches (Surfside, Bal Harbor, Miami Beach, Sunny Isles), where we see rentals increase throughout the year, as snowbirds and out-of-towners come to rent seasonally in big numbers. The Miami Beaches follow the same pattern of the greater downtown miami area for the best months to rent, with June to August representing the most active period for apartment rentals.

Quarterly Number of Rentals by Year

CITY Name = Surfside, Bal Harbour,  Miami Beach, Sunny Isles CONDO ONLY Unfurnished
Style is one of 'R62-Condo/Co-Op/Annual

Quarterly Number of Rentals (Unfurnished) by Year

CITY Name = Surfside, Bal Harbour,  Miami Beach, Sunny Isles CONDO ONLY

Conclusion

While a difference of 2% to 4.7% in rental income or rental cost might not seem like a lot, a difference of $100 a month over the course of 12 months adds up to a whopping $1,200. So, whether you’re the owner or the renter, you’d do well to tune into the seasons and follow the market trends to get the best possible condo rental deal by renting at the most favorable time of year.

Contact Us
Sep Niakan
Broker / Team Lead
(305) 697-7667
sep@blackbookproperties.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

How to Spend the 4th of July in Miami & More Summer Events - Miami Swim Week, Rolling Loud Miami, Swedish House Mafia, Ballet Festival
Lifestyle How to Spend the 4th of July in Miami & More Summer Events - Miami Swim Week, Rolling Loud Miami, Swedish House Mafia, Ballet Festival
Summer is hot in Miami and so are the events. We’ve got all you need to celebrate July with a bang! With an overflowing events calendar this summer, you’ll be spoilt for choice. Continuing with Miami Hotel discounts and topping those with Miami Spa special savings, you won’t be able to resist a weekend or two for self-care. Music lovers of every sort are in for a treat as the Rolling Loud Fest, Miami Salsa Festival, MB Classical Music Fest, Seaside Summer Fest, and Swedish House Mafia hit the stage in Miami. There are also plenty of summer camps and activities to keep the kiddos blissfully busy. Not to forget, the Fourth of July is right around the corner and Miami’s night sky is going to be lit with fireworks and the sweet smell of all-American barbecues. Check out our special curation of Independence Day events to make the holiday even more spectacular. And, read more below for a complete list of Top Things to Do in Miami this July 2022: Things to Do in Miami - July Events at a...
The Most Luxurious Condo Buildings in Downtown Miami
Real Estate News The Most Luxurious Condo Buildings in Downtown Miami
Downtown is, and continues to evolve as, one of Miami’s top neighborhoods, especially because of its central location to all that Miami has to offer, its views of Biscayne Bay, and its major public transportation hubs. In recent months, developers have been delivering world-class projects with unmatched luxuries in this urban core.  Today, a host of ultra-luxury buildings call Downtown Miami home, and we’ve listed the 5 Most Luxurious Condo Buildings in the neighborhood that set the bar for top-notch living. We’ve also included a few bonus pre-construction condo buildings that will provide even more luxurious lifestyle options for you to choose from if you’re looking to move to Miami or invest in this international city. Last updated on June 23, 2022 Why Choose Downtown Miami? Downtown is home to some of Miami’s best art, culture, shopping, entertainment, and social hotspots. It not only ties for #1 on our 11 Most Walkable Neighborhoods in Miami report, but is also the best...
Video: Agent Faves - Our 3 Favorite Condo Buildings in Sunny Isles Beach, Miami
Video Blog Video: Agent Faves - Our 3 Favorite Condo Buildings in Sunny Isles Beach, Miami
Close enough to all the action in Aventura and Miami Beach, yet far enough removed from touristy chaos, Sunny Isles Beach has turned into a darling for luxury developers in recent years. This upscale seaside community is home to an enviable collection of luxury-branded, high-rise condo towers, such as the Porsche Design Tower, Estates at Acqualina, Mansions at Acqualina, Turnberry Ocean Club, Muse, Jade Signature, and each one more luxurious and beautiful than the next. But we have a few that top our list of favorites. Check out Blackbook Properties’ Condo Specialist and licensed agent Vera Berezhnaya talk about her top 3 favorite luxury condo buildings in Sunny Isles Beach: Residences by Armani/Casa What we love about this building? Every unit in this oceanfront high-rise features a summer kitchen.  Milan couture meets Miami charm in this 66-story ultra-luxury high-rise. Besides affording private beach access, this 649-foot glass tower features 308 designer condos with interiors...
The Top 10 Miami-Area Beachfront Condos in Preconstruction Right Now!
Real Estate News The Top 10 Miami-Area Beachfront Condos in Preconstruction Right Now!
What’s more popular than Miami and South Florida’s sensational beaches these days? It’s our upcoming beachfront properties that are topping wishlists across the globe – luxury created for buyers from New York to New Zealand!  Regardless of whether you’re looking to move to the beachside for dazzling morning-to-night water views, instant access to a yachting lifestyle, or simply for bragging rights – an oceanside home in South Florida tops the wishlist for many - there are several upmarket projects on the horizon that offer you an oceanfront address. With developers eager to stay relevant in Miami and South Florida’s growing condo market, there are plenty of luxury, oceanfront condo preconstruction projects in the pipeline. Here’s our list of the Top 10 Upcoming Luxury Beachfront Condo Projects in Miami and Pompano Beach: Miami and South Florida’s Beachfront Condo Preconstruction projects at a glance: The Perigon - Mid-Beach Bentley Residences - Sunny Isles Beach St. Regis Residences...
Video: Comparing Miami’s Best Neighborhoods - Coconut Grove vs Brickell
Video Blog Video: Comparing Miami’s Best Neighborhoods - Coconut Grove vs Brickell
When most people are thinking about moving to Miami, two super popular neighborhoods are Coconut Grove and Brickell. These two neighborhoods are pretty much neighbors, and only about a 5-10 minute drive separates them. But they are very different and offer completely different lifestyles and vibes. So, how can you know if Brickell - the Manhattan of the South – is right for you? Or will the laid-back and tropical Coconut Grove neighborhood be better? Check out our video comparing these two Miami neighborhoods to help you decide which one could be your next home.  Coconut Grove vs Brickell While both areas provide plenty of variety in housing options, they also offer differing lifestyles and benefits. We’ve provided a comparison of these two popular Miami neighborhoods based on categories we think are important to living a good quality of life – things like lifestyle, parks and green space, shopping, entertainment and culture, walkability and transportation, and cost of living...
42 Pine: Boutique luxury and Kosher-friendly in Miami Beach
Preconstruction 42 Pine: Boutique luxury and Kosher-friendly in Miami Beach
It’s beautiful. It’s boutique. It’s Kosher-friendly. And, it’s in Miami Beach. Developer JP Roosevelt LLC, an entity managed by New York’s Boylmelgreen family, recently launched early sales and secured a $35.5 million loan to start the boutique condo project in the exclusive Pine Tree Drive area of Miami Beach. At only 8 stories, 42 Pine will offer 1 - 3 bedrooms residences, starting at 700 square feet and going to 2,700 square feet. Set for a 2023 completion, early friends and family pricing start at $700,000. Its eight exquisite penthouses start from $4 million.  Designed to offer modern luxury for Jewish residents, 42 Pine will feature gourmet Kosher kitchens, offerings two sinks, two sets of appliances, and separate cabinets for meat and dairy dishes – a true one-of-a-kind condo project in Miami Beach. 42 Pine: A Luxurious Hill Town in Miami Beach  42 Pine will be an 8-story condo community with 50 move-in-ready residences. Designed by Miami’s award-winning Arquitectonica,...