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 Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(786) 930-4220
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Recent Posts

The average Miami Preconstruction Condo buyer lost 14% in resales through Q3 2019
Real Estate News The average Miami Preconstruction Condo buyer lost 14% in resales through Q3 2019
This year, CondoBlackBook.com again teamed up with HB Roswell Realty to analyze the latest new construction resale data across Miami. We tracked new condo units built between 2017 and 2019 in Miami’s urban core and beach areas that have since been sold by the original owner in the first three quarters of 2019. What we found builds upon last year’s report and is surprising—most sellers lost money. On average, Miami new construction condo resales lost around 13.9% when factoring in costs (1.7% at purchase and 6.8% at sale).*  This follows our analysis conducted over the same period last year in which we found sellers lost 11% on average. Our team analyzed 116 new construction resales in Greater Downtown Miami, Coconut Grove, Miami Beaches and the surrounding islands (except Fisher Island and Key Biscayne) that closed in 2019 and found that 40 broke even or made a profit, while 76 resales lost money—nearly 65% of the owners in our study (compared to a similar figure of 63% in last...
Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019
Real Estate News Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019
The latest from CondoBlackBook.com’s Q3 2019 report for luxury condos in Miami shows some slight shifts from the previous quarter -- while overall sales and the median sales price increased, the median price per square foot dropped and a sustained inventory surplus means we’re still in a buyer’s market. This report breaks down how the combined Coral Gables and Coconut Grove fared in the third quarter. For the purpose of this luxury condo market report, we’ve only featured properties priced $1 million and above. Coral Gables and Coconut Grove Luxury Condo Market Q3 2019 Highlights: Sales slightly short of last year’s outstanding performance Positive sales trendline, showing sustained market momentum Price per sq. ft. is lower compared to Q3 2018 Overall inventory drops significantly Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1 Slight Slip in Overall Luxury Condo Sales YoY sales decline marginally, but are higher than 2017, 2016 and 2015 with positive...
Miami’s New and Pre-Construction Condo Update: October 2019
Real Estate News Miami’s New and Pre-Construction Condo Update: October 2019
Supertalls took over pre-construction news this Halloween month. The tallest in the city – Okan Tower won construction approvals. The fourth tallest in Miami, Brickell Flatiron celebrated its completion milestone. The Turnberry Ocean Club, one of the tallest on the Atlantic Coast, topped off. And, the tallest in Edgewater, Missoni Baia snagged a $243 million construction loan. Read on for details on these and other condo pre-construction updates for the month of October below:  Completed Brickell Flatiron - Brickell At 736 feet above ground, Brickell Flatiron now stands complete. It is the fourth tallest building in Miami, just behind Panorama Tower (868 feet above ground), Four Seasons (around 800 feet), and the Southeast Financial Center (764 feet). With closings beginning shortly, 95% of the tower is already sold out. The 64-story skyscraper is home to 527 ultra-luxury condo residences, offering high-end amenities such as a sky pool with lounge, rooftop gym and spa, urban...
Miami Beach Luxury Condo Market Report Q3 2019
Real Estate News Miami Beach Luxury Condo Market Report Q3 2019
In our overall Miami luxury condo market report for Q3 2019, we saw an increase in sales, a decline in median prices, and heavy inventory keeping things in favor of the buyer. This report breaks down how the neighborhoods in Miami Beach and the barrier islands reacted over the quarter individually, as well as against the market as a whole. For the purpose of this report, we’ve included the sub-neighborhoods of South Beach, Mid-Beach, Sunny Isles Beach, Surfside, and Bal Harbour as part of this Miami Beach grouping. Also, this luxury condo market report only features properties priced $1 million and above. Miami Beach Market at a Glance Miami Beach Luxury Condo Market Q3 2019 Highlights: Miami Beach sales almost match Q3 2018 Sales trendline positive for all neighborhoods Year-over-year sales improve in South Beach, Surfside & Bal Harbour  Miami Beach price per sq. ft. is same as Q3 last year Surfside & Bal Harbour report highest jump in quarter-over-quarter...
The Most Luxurious Condo Buildings in Coconut Grove
Real Estate News The Most Luxurious Condo Buildings in Coconut Grove
Coconut Grove is not just about rich foliage, but is also home to quite a few luxury condo residences. To get a taste of this historic neighborhood plus its plush properties, we’ve enlisted the 5 Most Expensive Condo Buildings in Coconut Grove and bonus pre-constructions that set the bar high for phenomenal living in the city. Why Choose Coconut Grove? Coconut Grove Main Highway. Photo courtesy of MiamiAndBeaches.com The partly coastal neighborhood of Coconut Grove is characterized by lush, tropical foliage and a relaxed Bohemian vibe. Its bouquet of rare boutiques, unique shops, colorful cafés, diverse restaurants, historical venues, lush parks, and easy access to water sports plus a nautical lifestyle make it a breezy neighborhood to live in. The Best of the Best Condos in Coconut Grove  Ritz-Carlton Coconut Grove – 3300, 3340, 3350 and 3400 SW 27th Avenue, Coconut Grove Avg. sales price $624 per sq ftBacked by the world-famous hospitality brand, this waterfront...
The Most Luxurious Condo Buildings in Brickell
Real Estate News The Most Luxurious Condo Buildings in Brickell
The Most Luxurious Condo Buildings in Brickell Brickell is where the business is – so it doesn’t come as a huge surprise that the neighborhood would house some of the finest residences to cater to a wide array of residents, spanning from globetrotting professionals to business moguls plus their families. Curious about the kind of high-end residences available for such global citizens? We’ve ranked the 5 most expensive, thus luxurious, condo buildings in Brickell below: Why Choose Brickell? Brickell is not only the second-largest banking hub in the States, but also home to several consulates, businesses and a majority of the offices in Miami. It is also serviced by all major public transportation systems in the city, giving it one of the highest transit scores of 98. It further ranks second on our most walkable neighborhoods in Miami study, with a near-perfect walkscore of 98, meaning most hotspots and conveniences can easily be reached on foot. In recent times, this financial...