Miami area among top cities for rental sizes | Real Estate
Build-to-rent communities have been drawing interest from Maui to Miami as occupants look for spaciousness and more amenities.
According to a recent analysis, the Miami-Fort Lauderdale-Pompano Beach metro area ranks ninth among the top 10 U.S. metropolitan areas in size of rentals, boasting an average of 1,379 square feet, the only Florida area representative on that short list. The New York-Newark-Jersey City area ranked first with an average size of 1,419 square feet.
The latest Point2Homes study analyzed data from Yardi Matrix on build-to-rent communities in the 100 largest U.S. metro areas. Communities included have at least 50 single-family rental units. Metrics such as house size, bedroom/bathroom count, and access to amenities were examined to provide a comprehensive view.
The Miami metro was the only area among the top 10 that had 100 percent access to a swimming pool. In addition, 65.5 percent of the Miami-area rentals had access to a fitness center, 59.8 percent to a playground/playroom, 46.8 percent to a sports court, and 69.9 percent to a clubhouse.
The average number of bedrooms is 2.5 and the average number of bathrooms is 2.1
The study shows that expectations for East Coast living are surpassing those in traditionally spacious states, like Arizona.
Among the smaller metro areas, the Palm Bay-Melbourne-Titusville grouping ranked third with an average of 1,738 square feet, but far behind the Connecticut-leading Bridgeport-Stamford-Danbury area with its huge 2,056 square feet average.
Interest for rental homes has been increasing and so has demand for build-to-rent housing — single-family homes constructed specifically for renting. According to a RentCafe analysis of Yardi Matrix data, in 2023, a total of 27,500 houses for rent were completed, representing a 75 percent year-over-year increase. Five years earlier, that number was just 6,495.
To learn more about Miami’s build-to-rent homes and how they compare nationally, check out the full study and the interactive map, click here.
