A common theme these days seems to be how the cost of everything is going up. With a persistently tight inventory of homes for sale combined with rising mortgage interest rates, we have seen the competition for rental housing skyrocket. Needless to say, this has driven up rental prices substantially over the past year. Recently, researchers at Florida Atlantic University, Florida Gulf Coast University, and the University of Alabama analyzed 107 metropolitan markets throughout the country. According to the findings from this study, 8 out of the top 10 metro markets for year-over-year rent increases are in Florida. The only metro markets in the top 10 to not be located with The Sunshine State were Sierra Vista, AZ (#4) and Knoxville, TN (#7).
Top 10 cities for rental price increases (year-over-year)
- #1. Ft. Myers, FL: +32.38%
- #2. Miami/Ft. Lauderdale, FL: +31.70%
- #3. North Port/Sarasota/Bradenton, FL: +30.88%
- #4. Sierra Vista, AZ: +27.53%
- #5. Tampa, FL: +26.93%
- #6. Port St. Lucie, FL: +25.54%
- #7. Knoxville, TN: +24.01%
- #8. Lakeland, FL: +23.92%
- #9. Orlando, FL: +23.70%
- #10. Melbourne, FL: +22.46%
To view the full national rankings for this report, click here.
Summary
For many people moving within or to Florida, renting is the only affordable option in this market. Although builders realize the need for additional rental inventory, supply chain issues have continued to plague the home building industry. As a result, we are seeing bidding wars for available rental units hitting the market. In addition, we are also beginning to see more renters take on roommates to offset the higher costs associated with renting in various markets throughout Florida. Add in record-high inflation, skyrocketing fuel prices, and what many consider to already be a recession, and we are seeing dramatic shifts in spending behaviors by many Americans. If you are looking to buy, sell, or rent in the South Florida market, it is important that you hire an experienced and knowledgeable real estate agent. Contact Natasha at Live South Florida Realty, Inc. today!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
