A system and method are provided for implementing a cloud based spectrum management scheme that enables Dynamic Spectrum Access (DSA) through rentals of available spectrum in a two-level analytics process for optimization. Primary spectrum holders as exclusive licensees of underused spectrum communicate with a global spectrum broker to place portions of their underused spectrum into an auction-based rental market on the condition that they can regain control of their spectrum when a need arises. Local spectrum brokers communicate with the global spectrum broker to bid for available spectrum to meet their temporary needs in time and place. The local spectrum brokers, in turn, administer local optimization schemes over their portion of the global region to ensure that an expected level of quality of service is provided to individual customers with whom the local spectrum brokers communicate. The disclosed brokering scheme, properly administered, provides an incremental step-wise approach to solving long-term spectrum shortage for wireless communications.