How Much Is Rent for a Million-Dollar House in South Florida?

How much is rent for a million-dollar house in South Florida? The answer varies significantly depending on which county, what type of property, and whether it's a long-term or short-term rental. But the more important question for investors is whether a $1M+ home makes financial sense as a rental investment — and that answer is more nuanced than the rent rate alone suggests.

Luxury rental rates by South Florida market

Here's what million-dollar homes rent for on the long-term market (12-month leases) in each South Florida county:

• Palm Beach County (Palm Beach, Boca Raton, Jupiter): A $1M–$1.5M single-family home typically rents for $6,000–$10,000/month. Waterfront or gated community properties at $1.5M–$2.5M: $9,000–$16,000/month.
• Broward County (Fort Lauderdale, Weston, Plantation): $1M–$1.5M homes typically rent $5,500–$8,500/month. Waterfront Fort Lauderdale properties command a premium.
• Miami-Dade (Coral Gables, Pinecrest, Miami Beach): $1M–$1.5M homes: $6,000–$10,000/month. Luxury condos in Brickell or Miami Beach with water views: $8,000–$20,000/month.
• Martin County (Jupiter Island, Stuart): Waterfront $1M+ properties: $7,000–$14,000/month.

Does a million-dollar South Florida home make sense as a rental?

This is where the math gets honest. Let's model a $1.2M Boca Raton single-family home renting for $8,000/month:

• Gross annual rent: $96,000
• Vacancy (5%): −$4,800
• Property taxes: −$18,000 (high end, Palm Beach County)
• Insurance: −$10,000 (high-value home)
• Property management (8%): −$7,296
• Maintenance reserve (5%): −$4,800
• NOI: $51,104
• Cap rate: 51,104 ÷ 1,200,000 = 4.3%

With a mortgage (25% down = $300,000 equity deployed, $900,000 financed at 7% = $5,988/month = $71,856/year), this property would be significantly cash-flow negative. Even all-cash, the 4.3% cap rate is modest for the capital deployed.

The investment case for luxury South Florida rentals is not income — it's appreciation. Million-dollar South Florida homes in the right locations have appreciated 6–10% annually over extended periods. The income is a partial offset to carrying costs while appreciation builds equity.

Short-term rentals: a different calculation

On short-term rental platforms (Airbnb, VRBO), South Florida luxury properties can generate significantly more income. A well-marketed $1.2M Boca Raton pool home might generate $12,000–$20,000+/month during peak winter season and $6,000–$9,000/month in summer. But STR management costs are substantially higher (25–30% of revenue), and regulatory risk is real in many South Florida municipalities that have tightened STR rules.

If you're evaluating a luxury South Florida property as a rental investment, use our Rental Property ROI Calculator to model the actual cash flow at your financing terms. For most income-focused investors, better cash flow is available in lower price ranges — the luxury segment is for appreciation investors and second-home owners who want partial income offset. Talk to our team to find the right fit for your investment strategy, or browse South Florida investment markets by county.