MIAMI — Miami has been named the hottest rental market, according to a new report — but does that mean it’s a good place to rent an apartment?
Rick Falcon said his apartment in Coral Gables is less expensive than the going rate. He told CBS News Miami leaving it would be burdensome and he doubts he will find a better deal.
“For the price point compared to other rental rates, I think it’s a good deal,” Falcon said.
According to RentCafe’s 2024 Year-End Report, the rental site ranked Miami as the top rental market in the country for this year.
Key factors were the influx of new residents and an average of 18 people competing for each available apartment. Coupling that with a 96% occupancy rate, you have a lot of people competing over limited inventory.
Falcon said that doesn’t help him.
“It means the odds are against me,” he told CBS News Miami. “And there’s enough stress involved with just moving in general — to also have to be competing against others and not knowing what you’re up against doesn’t make the move any easier.”
His property manager Ailyn Quesada said her apartments are more reasonably priced, so she isn’t surprised by the rental market ranking since it can be more affordable than buying a house here. She told CBS News Miami the proof is in the demand.
“As soon as I post an apartment for rent, I have multiple applications coming through and the competition is intense,” Quesada said.
Quesada said the data aligns with her usual experience with a vacancy. RentCafe found that on average, a Miami apartment is vacant for about 33 days. For her units, it’s usually less.
“In about two weeks, we can have somebody approved and move right in if it’s vacant,” Quesada said.
Despite the ranking, RentCafe expects a cooldown in Miami’s rental market in 2025 since supply has increased, fewer people are competing for each apartment and vacancies are taking longer to fill.
Quesada told CBS News Miami her units will stay hot because of the prices.
