Miami's 8,743-listing STR market delivers $3,148/month at median with ADR rising to $329 in 2026.
Market Overview
Miami is one of the largest short-term rental markets in the United States, with 8,743 active listings as of February 2026. The market has undergone a significant structural shift since 2021: supply expanded sharply from 6,718 listings in 2021 to a peak of 9,453 in 2023, and that supply growth has compressed average occupancy from 70.6% in 2021 to 50% in early 2026. At the same time, average daily rates have moved in the opposite direction, rising from $243 in 2021 to $329 in 2026, a 35% increase over five years.
The net effect on revenue has been a compression cycle. Average annual revenue per listing peaked in 2021 at roughly $73,600 (annualized from the $6,133 monthly average) and has settled closer to the $4,300-$4,800 monthly range in 2025-2026. This reflects a market that rewards well-positioned, well-priced properties while leaving lower-quartile operators with meaningful vacancy.
March remains the single strongest month, with average occupancy reaching 69.8% and average revenue of $6,293. December is the second-highest revenue month at $5,573, driven by a $301 average daily rate. September is the softest month, with 53.2% average occupancy and $3,870 average revenue. The 37-point occupancy swing between peak March and trough September defines the investment risk and opportunity in this market.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 59% | $278 | $4,996 | 8,550 |
| Feb | 64% | $274 | $4,991 | 8,534 |
| Mar | 70% | $274 | $6,293 | 7,933 |
| Apr | 64% | $246 | $5,014 | 7,867 |
| May | 60% | $246 | $4,820 | 7,300 |
| Jun | 60% | $236 | $4,621 | 8,197 |
| Jul | 60% | $238 | $4,917 | 8,726 |
| Aug | 58% | $222 | $4,483 | 8,707 |
| Sep | 53% | $218 | $3,870 | 8,703 |
| Oct | 55% | $231 | $4,068 | 8,108 |
| Nov | 55% | $242 | $4,093 | 8,225 |
| Dec | 59% | $301 | $5,573 | 8,499 |
Miami’s STR market follows a pronounced seasonal curve driven by winter travel demand and summer domestic tourism.
The peak demand window runs from January through April. March leads all months with 69.8% average occupancy and $6,293 average revenue. January and February follow with 58.6% and 64.2% occupancy respectively, with January benefiting from the holiday-to-winter-escape traveler flow and February from high ADR at $274. April holds 64% occupancy at a $246 ADR before the spring shoulder season sets in.
May through August forms a secondary demand period dominated by domestic summer travel. Occupancy holds in the 58-60% range during June and July, but ADR drops to the $236-$238 range, reflecting lower-rate leisure travel. August falls to 58.4% occupancy and the lowest average daily rate of the year at $222.
September is the market’s weakest month across all metrics: 53.2% occupancy, $218 ADR, and only $3,870 average revenue. This coincides with the Atlantic hurricane season peak and the post-summer demand trough before fall snowbirds begin arriving. October and November sit in the 55.4% occupancy range with ADRs recovering toward the mid-$240s.
December is a strong outlier in ADR at $301 (second only to the 2026 February reading of $324.90), with 59.4% occupancy and $5,573 average revenue, driven by holiday travel and early snowbird arrivals.
For operators, the practical implication is that Q1 (January through March) and December carry the market financially. A property that underperforms during these five months will struggle to recover the full-year revenue target.
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $1,458 | $3,148 | $5,946 | $9,595 |
| ADR | $152 | $256 | $401 | $613 |
| Occupancy | 25% | 50% | 73% | 87% |
Revenue distribution across Miami’s STR market is wide, reflecting the diversity of property types from studio condos in Brickell to waterfront homes on the Venetian Islands.
In February 2026, the data shows:
– Bottom quartile (p25): $1,458/month
– Median (p50): $3,148/month
– Upper quartile (p75): $5,946/month
– Top decile (p90): $9,595/month
– Market average: $4,461/month (skewed upward by high earners)
The ADR spread is equally significant: p25 properties average $151.60/night while p90 properties command $613.00/night, a 4x differential. Occupancy at p25 is 25% versus 87% at p90, meaning the top-decile advantage compounds across both rate and utilization.
RevPAR (revenue per available room) averaged $159.30 market-wide in February 2026, with a median of $112.40. Operators targeting p75+ performance need to achieve ADRs above $401/night with 73%+ occupancy, which requires strong amenities, professional photography, and dynamic pricing.
On an annualized basis, a median performer generates approximately $37,775/year. A p75 property generates approximately $71,350/year, and a p90 property approximately $115,140/year.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $6,906 | $223 | $242 |
| Apr 2021 | $6,666 | $222 | $250 |
| May 2021 | $6,786 | $219 | $245 |
| Jun 2021 | $6,621 | $221 | $247 |
| Jul 2021 | $6,646 | $214 | $247 |
| Aug 2021 | $6,148 | $198 | $238 |
| Sep 2021 | $5,217 | $174 | $225 |
| Oct 2021 | $5,218 | $168 | $236 |
| Nov 2021 | $4,996 | $167 | $233 |
| Dec 2021 | $6,127 | $198 | $273 |
| Jan 2022 | $5,698 | $184 | $251 |
| Feb 2022 | $5,758 | $206 | $260 |
| Mar 2022 | $7,160 | $231 | $279 |
| Apr 2022 | $6,151 | $205 | $262 |
| May 2022 | $5,445 | $176 | $259 |
| Jun 2022 | $5,330 | $178 | $234 |
| Jul 2022 | $5,720 | $185 | $245 |
| Aug 2022 | $4,961 | $160 | $216 |
| Sep 2022 | $4,554 | $152 | $208 |
| Oct 2022 | $4,678 | $151 | $211 |
| Nov 2022 | $4,677 | $156 | $218 |
| Dec 2022 | $5,283 | $170 | $249 |
| Jan 2023 | $4,788 | $155 | $230 |
| Feb 2023 | $4,840 | $173 | $231 |
| Mar 2023 | $6,268 | $202 | $264 |
| Apr 2023 | $4,357 | $145 | $218 |
| May 2023 | $4,170 | $135 | $216 |
| Jun 2023 | $3,817 | $127 | $196 |
| Jul 2023 | $4,533 | $146 | $207 |
| Aug 2023 | $4,365 | $141 | $199 |
| Sep 2023 | $3,873 | $129 | $209 |
| Oct 2023 | $3,077 | $99 | $197 |
| Nov 2023 | $3,384 | $113 | $225 |
| Dec 2023 | $4,990 | $161 | $303 |
| Jan 2024 | $4,790 | $155 | $291 |
| Feb 2024 | $4,666 | $161 | $266 |
| Mar 2024 | $5,305 | $171 | $278 |
| Apr 2024 | $3,700 | $123 | $237 |
| May 2024 | $3,801 | $123 | $241 |
| Jun 2024 | $3,279 | $109 | $231 |
| Jul 2024 | $3,696 | $119 | $236 |
| Aug 2024 | $3,361 | $108 | $214 |
| Sep 2024 | $2,862 | $95 | $210 |
| Oct 2024 | $3,620 | $117 | $237 |
| Nov 2024 | $3,359 | $112 | $251 |
| Dec 2024 | $5,615 | $181 | $314 |
| Jan 2025 | $4,637 | $150 | $287 |
| Feb 2025 | $5,229 | $187 | $290 |
| Mar 2025 | $5,824 | $188 | $306 |
| Apr 2025 | $4,194 | $140 | $263 |
| May 2025 | $3,900 | $126 | $270 |
| Jun 2025 | $4,059 | $135 | $271 |
| Jul 2025 | $3,991 | $129 | $257 |
| Aug 2025 | $3,578 | $115 | $243 |
| Sep 2025 | $2,843 | $95 | $240 |
| Oct 2025 | $3,745 | $121 | $272 |
| Nov 2025 | $4,050 | $135 | $284 |
| Dec 2025 | $5,849 | $189 | $368 |
| Jan 2026 | $5,065 | $163 | $333 |
| Feb 2026 | $4,461 | $159 | $325 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 75% | 6,216 |
| Jun 2021 | 76% | 6,666 |
| Sep 2021 | 67% | 6,853 |
| Dec 2021 | 70% | 7,037 |
| Mar 2022 | 78% | 7,228 |
| Jun 2022 | 63% | 10,178 |
| Sep 2022 | 59% | 10,203 |
| Dec 2022 | 63% | 10,149 |
| Mar 2023 | 72% | 10,032 |
| Jun 2023 | 61% | 9,832 |
| Sep 2023 | 53% | 9,728 |
| Dec 2023 | 54% | 7,892 |
| Mar 2024 | 62% | 7,042 |
| Jun 2024 | 48% | 4,626 |
| Sep 2024 | 46% | 7,315 |
| Dec 2024 | 58% | 8,702 |
| Mar 2025 | 62% | 9,148 |
| Jun 2025 | 50% | 9,684 |
| Sep 2025 | 41% | 9,415 |
| Dec 2025 | 52% | 8,713 |
The investment case for Miami STRs depends heavily on which tier of the market a property falls into. The data shows extreme spread between performers.
At the 50th percentile (median), a Miami STR generated $3,148 in February 2026. At the 75th percentile, that figure rises to $5,946 per month, and top-decile properties (p90) reached $9,595 in the same month. The bottom quartile (p25) averaged only $1,458, which at typical Miami home prices creates a deeply negative cash-flow scenario.
With a median home value of $573,963 and median sale price of $576,666, entry costs are substantial. At 25% down on a $577,000 purchase, a buyer puts up $144,250 and carries a mortgage of approximately $432,750. At a 7% rate over 30 years, that translates to roughly $2,880/month in principal and interest alone, before property taxes, insurance, HOA fees, and management costs. A median-performing STR at $3,148/month in February leaves narrow margin, and the September trough of $3,870 average revenue (with the median property earning considerably less) can produce negative monthly cash flow.
The market-to-list ratio of 0.964 and 61 median days to pending indicate a buyer’s market in Miami real estate, which provides some negotiating leverage on purchase price. Inventory stands at 6,155 for-sale listings.
Investors targeting this market should focus on properties with strong location differentiation (direct ocean or bay access, walkability scores above 85, or proximity to convention and event venues) that can reliably achieve 65%+ occupancy and p75-or-higher ADR. Underwriting to median performance at current home prices does not produce acceptable returns without appreciation assumptions.
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| Date | Typical Home Value |
|---|---|
| Mar 2021 | $430,610 |
| Dec 2021 | $477,665 |
| Sep 2022 | $572,714 |
| Jun 2023 | $592,312 |
| Mar 2024 | $641,337 |
| Dec 2024 | $669,039 |
| Sep 2025 | $649,612 |
Booking Insights
Miami’s booking patterns as of February 2026 show an average lead time of 41.9 days, with a median of 28 days. This means half of all bookings are made within four weeks of the stay, but the mean is pulled upward by a segment of advance planners booking 6-12 weeks out, particularly for peak season dates in January through March.
Average length of stay is 5.6 nights, with a median of 3 nights. The gap between mean and median indicates a bimodal distribution: a large volume of short weekend-to-midweek stays (2-4 nights) combined with a smaller but significant segment of week-long and longer bookings that pull the average up.
For operators, these patterns have direct pricing and availability implications. Setting minimum stays of 3-4 nights reduces turnover costs without significantly cutting into demand. For peak season (January through March), properties should have base rates set and availability open 60-90 days in advance to capture the advance-booking segment. Last-minute discounting in the 7-14 day window can recover otherwise empty nights during the shoulder months.
The 3-night median stay also means Miami benefits from Thursday-to-Sunday and Friday-to-Monday booking patterns. Blocking mid-week single-night minimums during peak season and opening them up at a premium in the final 5-7 days before the stay is a common revenue-optimization approach in this market.
Short-Term Rental Regulations
Note: The area_profiles database record for Miami (area_id 60222) contains incorrect data at time of generation. The regulatory information below is based on general knowledge of Miami STR regulations as of early 2026 and should be independently verified before any investment decision.
Miami-Dade County and the City of Miami operate separate STR licensing frameworks, and the regulatory environment has tightened considerably over the past several years.
Within the City of Miami, short-term rentals in most residential zoning districts are prohibited or heavily restricted. The city has historically treated STRs as commercial activity incompatible with residential neighborhoods, and enforcement has increased. Condominiums and mixed-use districts have different treatment depending on their specific zoning designation and condo association rules.
Miami Beach, which is a separate municipality within Miami-Dade County, has some of the most restrictive STR regulations in Florida. STRs are banned in most residential areas of Miami Beach. Only properties in specific commercially-zoned districts are permitted, and those must obtain a city Business Tax Receipt, a Certificate of Use, and comply with noise, parking, and occupancy regulations. Violations carry significant fines.
Florida state law (F.S. 509.032) limits municipalities from banning STRs entirely if the property was operating legally before certain local ordinances passed, creating a complex patchwork of grandfathered operations and new restrictions.
Investors should consult a local real estate attorney and confirm the specific zoning designation and any condo association rules before purchasing a property with STR intent in any Miami-area jurisdiction. Operating without proper licensure carries fines and potential forced shutdown.
Market Comparison
Miami sits in the upper tier of US short-term rental markets by market size and rate, but its occupancy trajectory places it in a different risk category than smaller, supply-constrained markets.
With 8,743 active listings, Miami is one of the ten largest STR markets in the country by listing count. The average daily rate of $329 (February 2026) is well above the US STR market average, which generally tracks in the $150-$200 range for most mid-size markets. Miami’s p90 ADR of $613/night places its top properties in the luxury segment nationally.
However, Miami’s average occupancy of 50% in February 2026 is below the national average of approximately 55-60% for comparable coastal markets. The decline from 70.6% in 2021 to 50% in early 2026 mirrors supply-driven compression seen in other high-demand markets like Nashville, Austin, and Scottsdale, where post-pandemic supply growth outpaced demand.
Compared to other Florida markets, Miami commands higher ADRs than Tampa or Jacksonville but faces more regulatory headwinds than short-term-rental-friendly markets like Kissimmee or Panama City Beach. The combination of high home prices ($574K median), compressed occupancy, and strict urban STR regulations makes Miami a higher-risk, higher-potential-reward market than typical Florida vacation destinations.
Investors comparing Miami to comparable high-cost coastal metros like San Diego or Miami Beach should note that Miami’s longer shoulder season (due to winter demand) provides more revenue stability than markets dependent on a single summer peak.
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