South Florida Rental Prices Surge By Double Digits! Miami Rental Prices Skyrocket By 41% And Orlando Increases By 25%
South Florida rental prices have been climbing like crazy for the past year. In February, MFI-Miami wrote about how South Florida rental prices were already rivaling Manhattan and London.
As a result, local governments across South Florida became concerned. They took measures in an attempt to stop the increases. Unfortunately, those measures failed to stop the out of control prices landlords are demanding from tenants.
Bloomberg is reporting that rental prices in Miami have seen a 41% since since the end of the first quarter. That’s about seven times the growth rate of 5.6% back in April 2021. Meanwhile, East Coast cities like New York, Philadelphia, and Washington, D.C., posted some of the smallest increases.
Bloomberg is also reporting that rental rates have jumped 24.3% in Orlando since the beginning of April.
On average, US single-family rents jumped 14% year-over-year in April. This is the 13th period of record-breaking annual gains.
Corelogic is claiming the surge in rental prices in Miami is due to supply shortages and a strong job market. However, we find this conclusion kind of laughable. Most rental units are immune to the Post Covid-19 supply chain issues. Additionally, most Covid-19 supply chain issues also have been resolved.
CoreLogic Economist Molly Boesel also told Bloomberg:
Additionally, these cities in South Florida have the highest rents for a 1 Bedroom Apartment:
- Weston. Average Rent: $2,079
- Boca Raton. Average Rent: $2,043
- Fort Lauderdale. Average Rent: $1,981
- Miami Beach. Average Rent: $1,980
- Coral Gables. Average Rent: $1,960
- Doral. Average Rent: $1,799
- Miami. Average Rent: $1,697
- Tampa. Average Rent in Tampa, Florida: $1,395
Also, Check Out What MFI-Miami Wrote About This In February: