Miami’s rental market offers a variety of leasing options, but choosing between a short-term and long-term rental depends on your lifestyle, budget, and plans. Whether you’re relocating, testing out a neighborhood, or looking for flexibility, understanding the benefits and drawbacks of each option can help you make the right decision.
This guide breaks down short-term vs. long-term rentals in Miami, including cost comparisons, lease terms, flexibility, and who each option is best for.
What is a Short-Term Rental in Miami?
A short-term rental is typically a lease that lasts less than 12 months. In Miami, this can range from weekly, monthly, or 6-month rental agreements, often found in:
✔ Furnished apartments & condos
✔ Corporate housing
✔ Vacation rentals (Airbnb, VRBO, & hotel residences)
✔ Extended stay apartments
Who Typically Chooses Short-Term Rentals?
🔹 Relocators testing out Miami before committing to a long-term lease.
🔹 Business professionals on temporary work assignments.
🔹 Snowbirds or seasonal residents staying for part of the year.
🔹 Travel nurses & remote workers looking for flexibility.
Pros of Short-Term Rentals in Miami
✔ Flexibility – No long-term commitment, allowing you to explore different neighborhoods.
✔ Fully Furnished Options – Many short-term rentals come with furniture, kitchenware, and utilities included.
✔ Easier Approval Process – No lengthy condo association approvals or strict tenant screening.
✔ Great for Relocators – Perfect if you’re new to Miami and want to explore before signing a long-term lease.
Cons of Short-Term Rentals in Miami
❌ Higher Monthly Rent – Short-term rentals can be 20-50% more expensive than long-term leases.
❌ Limited Availability – Not all buildings allow leases under 12 months (especially condos).
❌ Fewer Options in Luxury Buildings – Many high-end buildings restrict Airbnb and short-term stays.
❌ Less Stability – Since leases renew frequently, your rental terms could change more often.
💡 Pro Tip: If you’re looking for a short-term rental in Brickell, Miami Beach, or Downtown, focus on hotel residences, corporate housing, or Airbnb-approved buildings.
What is a Long-Term Rental in Miami?
A long-term rental typically refers to a 12-month or longer lease in an apartment, condo, townhome, or single-family home.
These are the most common rental agreements in Miami and are usually found in:
✔ Luxury high-rises in Brickell, Edgewater, & Downtown
✔ Suburban homes in Coral Gables, Pinecrest, & Miami Shores
✔ Apartment complexes & rental communities
Who Typically Chooses Long-Term Rentals?
🔹 Professionals working full-time in Miami who want stability.
🔹 Families & couples looking for a settled home.
🔹 Relocators ready to commit to a Miami neighborhood.
🔹 Investors & landlords leasing properties for passive income.
Pros of Long-Term Rentals in Miami
✔ Lower Rent Costs – Long-term rentals offer better monthly pricing than short-term options.
✔ More Housing Options – Access to luxury condos, apartments, and homes that prohibit short-term stays.
✔ Lease Stability – Your rent and terms are locked in for the lease duration (no sudden price hikes).
✔ Better for Families & Professionals – A great option for those planning to stay in Miami for 1+ years.
Cons of Long-Term Rentals in Miami
❌ Less Flexibility – You’re locked into a 12+ month commitment with penalties for breaking a lease.
❌ More Approval Requirements – Many buildings require condo board approvals, credit checks, and higher deposits.
❌ Furnishing Costs – Most long-term rentals are unfurnished, requiring additional expenses.
❌ HOA & Lease Restrictions – Some condos have strict rental policies, guest rules, and pet restrictions.
💡 Pro Tip: If you’re not sure where you want to live in Miami, consider starting with a 1 year lease prior to renting for longer.
Short-Term vs. Long-Term Rentals: Cost Comparison
On average, short-term rentals are 20-50% more expensive per month than long-term leases. Here’s a cost breakdown of a typical 1-bedroom Miami apartment:
Rental Type | Avg. Monthly Rent | Extra Fees/Costs
Short-Term (1-6 months) $4,000 – $7,500 Utilities, taxes, service fees
Long-Term (12+ months) $2,800 – $4,500 Security deposit, condo fees
💡 Pro Tip: If you plan to stay in Miami for more than 6 months, a long-term lease is almost always the better financial option.
💰 Short-Term Rental Tax: In Miami-Dade County, any rental under six months and one day is subject to a 6% state sales tax, a 6% Miami-Dade Tourist Development Tax, and a 1% Florida Discretionary Sales Surtax, making short-term rentals even more expensive.
Which Rental Option is Best for You?
Choose a Short-Term Rental If You:
✔ Need flexibility and don’t want to commit long-term.
✔ Are new to Miami and want to explore before signing a longer lease.
✔ Prefer a furnished unit with all utilities included.
✔ Have a temporary work assignment or seasonal stay.
Choose a Long-Term Rental If You:
✔ Want stability and lower monthly rent.
✔ Plan to stay in Miami for at least 12+ months.
✔ Are willing to go through the full approval process.
✔ Prefer access to more rental options in high-end buildings.
Finding the right rental in Miami depends on your goals, lifestyle, and budget. Whether you’re looking for a short-term option or long-term stability, I’m here to help you navigate the market with ease. Let’s connect and find the perfect place for you!
