Miami tops U.S. rental market competitiveness with high demand and limited supply

Miami remains the most competitive rental market in the United States, according to a report by RentCafe, with 19 prospective renters per unit.

The report shows that 73.6 percent of renters in Miami renewed their leases, indicating a tight market. Just 3.5 percent of Miami’s rental units are available, and new constructions make up just 0.55 percent of the housing supply, below the national average of 0.61 percent.

Available apartments are typically rented within 36 days, compared to the national average of 46 days. With a Rental Competitiveness Index (RCI) score of 94.1, Miami surpasses the national average of 73.4.