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South Florida has the third fastest-growing rental market in U.S.

Location
Miami, Florida
Publish Date
2021/09/27

The Miami-Fort Lauderdale-West Palm Beach area, with ↑ 27% YoY to $2,432 in August, is the third fastest-growing rental market in the country. (Realtor.com). Only the Tampa-St. Petersburg-Clearwater and Riverside-San Bernardino-Ontario, CA. rental markets had faster growth. In the South Florida market, the avg rent for a 1-bedroom apartment was $2,150 in August, while for a 2-bedroom was $2,802, both ↑ 25% YoY. Cumulatively, rents ↑ 13.7% since Sept 2019 while the median home price ↑ 19.6%, signalling some more room for rent growth to catch up. Extremely chaotic and extremely competitive, rental increases of sometimes $1K/mo, and the wages are not keeping up.

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