Miami Rents Stay Flat as Edgewater Condo Supply Climbs

Rents in Miami have nearly stopped rising. Miami-Dade apartment asking rents were up just 1.6% year over year in July 2026, according to MIAMI REALTORS and RWorld, and Apartment List put the City of Miami's median rent at $1,926 in October, up 0.1% from a year earlier. For anyone buying an Edgewater condo to rent out, that means the return now depends on the purchase price, not on rent growth.

What the rent data shows

• Asking rents, Miami-Dade: up 1.6% in the year to July 2026, after 1.2% a year earlier. The national figure was 0.2%.
• Median rent, City of Miami: $1,926 in October 2026. One-bedrooms ran $1,610 and two-bedrooms $2,133.
• Occupancy: 95.5% in Miami-Dade apartments in July, down from 95.9%.
• New supply: 9,314 apartments were completed in the 12 months to July, while 8,353 were absorbed. More units arrived than renters to fill them.

These figures describe rental apartments, the market a condo landlord competes with. Condo rents are not tracked separately in these reports.

The Edgewater condo market

On the sales side, Edgewater has more condos for sale than it can sell quickly. As of October 13, 2026, 531 units were listed and 64 were pending, against 490 sales over the past 12 months. That is about 13 months of supply. Sold units took a median of 87 days to sell and closed at a median of $605 per square foot, below the median asking price of $652. Our Market Index for Edgewater reads 35, a buyer's lean, slightly firmer than the Miami-wide 26.

More units are on the way. The Cove Residences (134 condos) broke ground in March 2026, Villa Miami (70 residences) had reached the 37th of its 56 floors in May 2026, and Melo Group has proposed about 430 more at Aria Reserve Skyclub. Edgewater is not alone: Brickell sits at about 17 months of supply, Downtown at 28 and Midtown at 21, while Coconut Grove is nearer 9.

What it means for a condo investor

Dues weigh more when rents stall. The median HOA fee on Edgewater listings is $1,256 a month, more than half of the City of Miami's median two-bedroom apartment rent of $2,133. Rents for a given condo will differ from that citywide apartment figure, so compare each building's dues with what similar units there actually rent for, before the mortgage, taxes and insurance. Check a building's dues before its view.

Buy on today's rent. With rents flat, underwrite with current rents, not last cycle's growth rate.

Supply gives buyers room to negotiate. With about 13 months of inventory, and sold units closing at a lower median price per square foot than today's listings ask, the purchase price is where the return is made.

Check the rental rules. Some buildings restrict short-term or first-year leasing. Each building page shows the rental policy we have on file; confirm it in the association documents.