Have you considered owning rental property as part of your investment strategy? Understanding Florida rental prices as compared to the nation may help in your decision to becoming a landlord. The recent run up in both home prices and now mortgage interest rates has many more Americans opting to rent a home, instead of buying one. As a result, we have seen demand for rental housing surging in recent months, thus causing rental prices to follow to match the demand. Recently, the Waller, Weeks, and Johnson Rental Index aimed to analyze rental prices across 107 metropolitan areas throughout the country. We share some of their findings below.
10 U.S. markets with the highest rents
- #1. San Jose, CA ($3,199/month)
- #2. San Francisco, CA ($3,157/month)
- #3. Ventura, CA ($3,014/month)
- #4. New York, NY ($3,004/month)
- #5. San Diego, CA ($2,946/month)
- #6. Los Angeles – Long Beach – Anaheim, CA ($2,864/month)
- #7. Miami – Fort Lauderdale, FL ($2,846/month)
- #8. Boston, MA ($2,762/month)
- #9. (tie) Honolulu, HI ($2,584/month)
- #9. (tie) Riverside, CA ($2,584/month)
10 U.S. markets with the lowest rents
- #1. Youngstown, OH ($853/month)
- #2. Wichita, KS ($937/month)
- #3. McAllen, TX ($1,051/month)
- #4. Little Rock, AR ($1,059/month)
- #5. Des Moines, IA ($1,152/month)
- #6. Akron, OH ($1,162/month)
- #7. Toledo, OH ($1,175/month)
- #8. Omaha, NE ($1,193/month)
- #9. Dayton, OH ($1,206/month)
- #10. Scranton, PA ($1,207/month)
Where did Florida rents rank overall?
- #7. Miami – Fort Lauderdale, FL ($2,846/month)
- #13. North Port – Sarasota – Bradenton, FL ($2,331/month)
- #14. Port St. Lucie, FL ($2,266/month)
- #19. Fort Myers, FL ($2,073/month)
- #20. Tampa, FL ($2,055/month)
- #21. Orlando, FL ($1,999/month)
- #29. Melbourne, FL ($1,881/month)
- #35. Lakeland, FL ($1,808/month)
- #39. Daytona Beach, FL ($1,788/month)
- #44. Jacksonville, FL ($1,748/month)
Summary
Not surprisingly, California markets comprised 60% of the the top 10 most expensive rental markets. As for The Sunshine State, only the Miami – Fort Lauderdale market broke the top 10 list. Interestingly, a separate analysis in this report looked at year-over-year rental price increases for the 10 Florida markets and where they ranked nationally. The results were eye-opening and underscore the continued demand for Florida rental housing as more Americans relocate to paradise. The results were as follows:
- #1. Fort Myers: +32.38%
- #2. Miami – Fort Lauderdale – West Palm Beach: +31.70%
- #3. North Port – Sarasota – Bradenton: +30.88%
- #5. Tampa: +26.93%
- #6. Port St. Lucie: +25.54%
- #8. Lakeland: +23.92%
- #9. Orlando: +23.70%
- #10. Melbourne: +22.46%
- #11. Daytona Beach: +21.88%
- #15. Jacksonville: +20.39%
Are your considering a move to Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! To empower yourself with the MLS right on your mobile device, download the Florida Home Search App today!
