Anyone buying a Miami condo to rent it out tends to look at two numbers: the price and the market rent. The third one, which decides how many months a year the unit actually collects, rarely shows up in a sales brochure: how much competition there is in the same ZIP code on the day the listing goes live.
To measure it we used the MIAMI REALTORS MLS, which records every rental listing and every closed lease in Miami-Dade. The metric is the same one used to read the sales market: months of supply, meaning active rental listings today divided by the leases closed in an average month over the last twelve. It tells you how long it would take to absorb the listed inventory if no new listings came on. The lower it is, the stronger the landlord's hand; the higher it is, the stronger the tenant's.
The county average is 3.7 months and the median across ZIP codes is 3.4. But Miami-Dade is not a single rental market. Between the tightest and the loosest ZIP code with a sufficient sample there is more than a fivefold gap, and it does not follow the map you might expect: the most expensive neighborhoods are not the ones that lease fastest.
Where supply is short: the west, the south and Doral
The tightest ZIP codes in the county are not on the coast. They are western and southern suburbs, with single-family homes and townhouses: 33185, 33174, 33175 and 33155 are all below 2 months of supply. There, the median closed lease spent between 30 and 33 days on the market.
Among the condo markets that matter most to international buyers, the tightest is North Doral (33178), at 2.3 months: 246 active listings against 1,300 leases closed in a year. Next come Edgewater (33137) at 3.0 months and Brickell, at 3.2 in 33130 and 3.4 in 33131. Brickell is also the city's highest-volume market: 2,543 leases closed in twelve months in 33131 alone.
Where supply is piling up: Sunny Isles, Mid-Beach and Key Biscayne
At the other end are coastal markets with a large share of second homes. Sunny Isles (33160) has 6.7 months of supply and 1,078 active listings, the largest rental inventory of any ZIP code in the county. The median closed lease spent 66 days on the market. Mid-Beach (33140) stands at 5.8 months and Key Biscayne (33149) at 5.2. In between sit Downtown (33132) at 4.9, Aventura (33180) at 4.8, and South Beach (33139) and North Beach (33141), both at 4.1.
| ZIP · area | Months of supply | Active | Leased 12 mo | Days on market (median) | Median closed rent (US$/mo) |
|---|---|---|---|---|---|
| 33178 · North Doral | 2.3 | 246 | 1,300 | 43 | 3,250 |
| 33137 · Edgewater | 3.0 | 408 | 1,606 | 42.5 | 4,200 |
| 33131 · Brickell | 3.4 | 721 | 2,543 | 48 | 3,650 |
| 33149 · Key Biscayne | 5.2 | 170 | 396 | 60 | 7,000 |
| 33140 · Mid-Beach | 5.8 | 384 | 798 | 56 | 3,500 |
| 33160 · Sunny Isles | 6.7 | 1,078 | 1,942 | 66.5 | 2,850 |
| Miami-Dade (county) | 3.7 | 13,311 | 42,665 | — | — |
Source: MIAMI REALTORS MLS via Bridge (Residential Lease). Active as of Oct 24, 2026; leased between Oct 2025 and Sep 2026. Own calculation.
The full table, covering all 83 ZIP codes in the county, is in the members area: months of supply, active listings, days on market, closed rent, share of listings with a price cut and Census vacancy for every ZIP. It includes two ZIP codes with more months of supply than Sunny Isles.
It is part of Miami CRE Intelligence, this site's registration-based membership. Free: you get in with your email.
Prices are already moving
Months of supply measure volume. The other signal is price: countywide, 35.8% of active listings have already cut their asking rent at least once. In the condo ZIP codes analyzed, the share ranges from 27% in Key Biscayne to 40% in Brickell (33131) and North Beach (33141). In other words, even in the tightest markets, one landlord in three has already adjusted the price to get the unit leased.
For a buyer whose thesis is the rent, this matters more than the list rent. One extra vacant month is a little over 8% of annual rent; in a market with 6 or 7 months of supply, the difference between listing at market and listing 5% above it can be exactly that month. It is the same arithmetic behind choosing among the best Miami neighborhoods for rental investment and behind the price-to-rent ratio.
What the MLS does not see
No single source describes the whole market, and this one has three limits worth keeping in mind before drawing conclusions:
- Large rental buildings list outside the MLS. Multifamily complexes in Doral, Downtown, Edgewater and Brickell lease through their own websites and leasing offices. The MLS mostly sees condos owned by individual landlords. That is why Doral looks tight in the MLS while the Census ACS puts rental vacancy in 33178 at 7.7%: the two numbers measure different populations.
- Census vacancy lags. The 5-year ACS (2020-2024) ranks the coast in a similar order (Sunny Isles 18.7%, Key Biscayne 16.3%, Brickell 33131 14.3%, Downtown 11.2%), but it runs two to four years behind and has wide margins of error. It is a cross-check, not today's number.
- Some listings are stale. Countywide, 3.5% of active listings have been on the market for more than a year; in South Beach (33139) it is 17.6%. There, months of supply are somewhat inflated by listings that in practice no longer compete.
Add seasonality: active listings are an October snapshot, before the coastal winter high season. ZIP codes with fewer than 10 leases in twelve months are flagged as an insufficient sample.
Frequently asked questions
What is the rental vacancy rate in Miami-Dade?
Measured as months of supply, 3.7 months: 13,311 active rental listings in the MLS against 42,665 leases closed over the last 12 months, about 3,555 a month.
Which Miami ZIP codes have the least rental supply?
The western and southern suburbs: 33185, 33174, 33175 and 33155, below 2 months. Among condo markets, North Doral (33178) at 2.3, Edgewater (33137) at 3.0 and Brickell at 3.2 and 3.4.
Where is rental supply highest in Miami-Dade?
On the coast, Sunny Isles (33160) at 6.7 months and 1,078 listings, the largest inventory of any ZIP code in the county; then Mid-Beach (33140) at 5.8 and Key Biscayne (33149) at 5.2.
Where does the data come from?
From the MIAMI REALTORS MLS via Bridge (Residential Lease): active listings as of October 24, 2026 and leases closed between October 2025 and September 2026. As a cross-check, Census ACS 2020-2024 rental vacancy by ZIP code.
Methodology: months of supply = active rental listings as of Oct 24, 2026 / average monthly closed leases (by close date) between Oct 2025 and Sep 2026. Source: MIAMI REALTORS MLS via Bridge, property type Residential Lease. Cross-check vacancy: Census ACS 5-year 2020-2024 (tables B25003/B25004 by ZCTA). A listing counts as cut if its current asking rent is below the original. Own calculation.
This note is reference analysis based on MLS and Census data and does not replace legal, tax or financial advice.