MARKET SNAPSHOT

Miami Q3 2026

AVERAGE RENT

$2,381 Q3 2026

OCCUPANCY RATE

94.7% Q3 2026

NET ABSORPTION

7,756 T4Q

ANNUAL RENT CHANGE

0.7% Q3 2026

YoY OCCUPANCY CHANGE

-10 BPS

UNIT COMPLETIONS

7,078 T4Q

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KEY TAKEAWAYS
Renter demand in Miami continues to strengthen, with Q3 2026 net absorption running 26% higher than a year ago and trailing four-quarter absorption exceeding new deliveries for the first time since Q2 2022.
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Supply pressure is steadily easing, as trailing four-quarter completions fell 24% and construction starts declined 26% from a year ago.
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Occupancy held firm at 94.7% in Q3, while average rents rose 0.7% year over year to $2,381, returning to positive annual growth after five consecutive quarters of declines.
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MARKET OUTLOOK

Miami's rental market reached an important turning point in Q3 2026, as trailing 12-month absorption exceeded new deliveries for the first time since 2022. Demand has been remarkably consistent, with Q3 2026 net absorption of 2,040 units running well above the 10-year quarterly average of roughly 1,540 units...

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