No Comments

South Florida Has Third Fatest-Growing Rental Market In U.S.

If you’re in the market for a rental home or apartment, South Florida may be a tough spot to look.

According to a new report from Realtor.com, the Miami-Fort Lauderdale-West Palm Beach area is the third fastest-growing rental market in the country among metro areas.

The average rent in August was $2,432, up 27% from the same time last year.

Only the Tampa-St. Petersburg-Clearwater and Riverside-San Bernardino-Ontario, Calif. rental markets had faster growth.

“After months of stalled rent growth during the peak of the pandemic, gradual recovery gave way to price surges in 2021,” the report said.

In the South Florida market, the average rent for a one-bedroom apartment was $2,150 in August, while the average rent for a two-bedroom was $2,802. Both of those were up roughly 25% from last year.

Realtor.com said increasing COVID-19 vaccination rates and the reopening of local economies have “turbo-charged” the rental market, “with price growth seemingly determined to make up for lost time.”

“Cumulatively, rents are up 13.7% since Sept 2019 while the median home price is up 19.6% in that period, signaling some more room for rent growth to catch up,” the report said.

You can read the full report by clicking here.

 

Click here to read more about this story.

Comments (0)

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.