Miami named the hottest US rental market

Renters can’t get enough of Miami, and apartments were quickly snapped off the Miami market throughout 2025. The metro claimed the title of the hottest U.S. rental market in RentCafe’s year-end rental competitiveness roundup.

Using data from Yardi Systems, RentCafe ranked 139 rental markets in the U.S. based on metrics like occupancy rate and share of new apartments built. Miami placed No. 1 nationwide, beating out Chicago and New York.

Demand so outpaced supply in Miami that the metro experienced a 96.4% occupancy rate in 2025. Apartments spent an average of 33 days on the market, and 19 renters competed for every vacant unit. Meanwhile, new apartment construction ticked up by just 4.22%.

Once Miami renters secure a home, they are unlikely to leave. The city’s lease renewal rate hit 72.5% in 2025.

Miami holds the highest score on RentCafe’s Rental Competitiveness Index at 92.9, compared to the national average of 75.2.

“Once known mainly as a vacation hotspot, Miami has evolved into Silicon Beach, one of the nation’s leading tech and finance hubs,” said RentCafe research analyst Veronica Grecu. “As such, the transformed city has become a magnet for talent and capital from Wall Street, Silicon Valley and abroad, as well as remote workers and retirees seeking sunshine and opportunities.