It is no secret that rental prices have risen dramatically across the nation. According to a recent report from Apartment List, the national median rent price is up over 16% since January. In fact, some cities are even seeing increases that are double this figure. Nearly 40% of renters searching for apartments were looking in a different metropolitan area from where they currently live. In addition, 26% were searching in a different state. Of course, the option to work remotely has greatly impacted these moving trends and should continue to do so.
So long, Big Apple…
Florida has long been a popular destination site for many New Yorkers. According to this report, 14% of renters from New York were looking to relocate to The Sunshine State. Where is the top Florida metropolitan destination for New Yorkers? That would be Miami with approximately 6.1% of searches coming from people leaving the Big Apple.
As for the highest amount of renters looking to move to another city, California continues to be at the top of the list. Destinations such as Alaska, Hawaii, Washington, Oregon, Nevada, Arizona, Utah, & Texas were popular destination sites for Californians.
This report underscores the continued strong demand for rental housing in the South Florida market. With these moving trends appearing to continue for the foreseeable future, this may be a good time to consider purchasing a rental income property. Of course, there are many factors to consider when purchasing an investment property. Feel free to contact Live South Florida Realty, Inc. today to discuss your real estate investment goals.
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!