It’s been common knowledge that Miami’s rental market is growing strongly, but is that still the case?

For some time now, Miami’s rental narrative has been remarkably consistent, one of rising rents and high demand.

Did that trend continue in 2015’s first quarter, though? Courtesy of the latest trends report from Reis, we were granted an uncommonly detailed look at our local rental marketplace, and arrived at a unsurprising conclusion – Miami’s rental market remains in high demand.

First, take a look at the graph below, which shows how rent has grown in the U.S.’ largest metro areas from 2014’s fourth quarter to 2015’s first quarter:

Though other markets saw rents rise more, a 0.7 percent quarterly gain is pretty decent, and is in line with the similarly strong markets of Denver and Dallas.

Things get more interesting, though, when we examine average effective rents:

As you can see, Miami now boasts one of the highest average rents in the country, with only legendarily expensive areas like San Francisco and New York way out ahead.

Finally, here is a graph on the 12-month trend of rental growth:

Clearly, Miami rents are rising at a strong rate, though it should be noted that a 5-percent increase also exceeds the typical rate of incomes and wages for most workers. We’ve already noted Miami’s issues with affordability, and we’ll be tracking these numbers closely in the coming months for indications on Miami’s long-term health.