Miami, Florida Short-Term Rental Market
Miami's 8,743-listing STR market delivers $3,148/month at median with ADR rising to $329 in 2026.
Quick Answer: Miami, Florida is an active short-term rental market. average occupancy is 61%. average monthly revenue is $4,879. average daily rate is $282. the top operator is Wehost with 516 listings. market score is 55/100 (grade C).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
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 |
|---|---|---|---|
| Jan | 62% | $223 | $3,756 |
| Feb | 71% | $236 | $4,184 |
| Mar | 71% | $254 | $4,929 |
| Apr | 58% | $227 | $3,834 |
| May | 60% | $214 | $3,472 |
| Jun | 58% | $196 | $3,089 |
| Jul | 62% | $196 | $3,251 |
| Aug | 56% | $176 | $2,838 |
| Sep | 53% | $170 | $2,494 |
| Oct | 57% | $177 | $2,760 |
| Nov | 58% | $181 | $2,782 |
| Dec | 64% | $241 | $3,904 |
Top Short-Term Rental Operators in Miami
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Wehost | 516 | 6,847 | ★ 4.30 |
| 2 | Nomada Residences | 369 | 9,400 | ★ 4.75 |
| 3 | Miami Vacation Rentals | 358 | 19,829 | ★ 4.75 |
| 4 | Roami | 345 | 9,028 | ★ 4.59 |
| 5 | Stay Sol | 223 | 1,862 | ★ 4.19 |
What Kind of STR Should I Buy in Miami?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 18,242 |
| 2 bed | 6,966 |
| 3 bed | 3,073 |
| 4 bed | 1,641 |
| 5 bed | 1,239 |
ADR by Property Tier
| Entire Home | $302 |
| Luxury | $598 |
| Professionally Managed | $356 |
Revenue by Dwelling Type
| Apartment | $4,705 |
| Entire Place | $5,240 |
| House | $5,393 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 59.5% |
| vrbo | 6.2% |
| both | 34.4% |
Investment Analysis
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.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Analyze My Property →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.
Frequently Asked Questions About Miami, Florida
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