RENTCafé News Release
Florida's rental market had significant YOY growth during 2017
Rents in Florida increased during 2017, going against national trend
Analyzing actual rents in more than 250 large US cities, RENTCafé compiled a comprehensive study using data from Yardi Matrix. The study looks at the most important rent trends that influenced one of the nation's hottest housing markets during 2017.
Here are 9 ways to describe Florida's rental market in 2017:
- While rent growth slowed down in the nation's hottest markets, Florida went against the current in 2017.
- Among all the hot rental markets RENTCafé analyzed, none posted rent decreases.
- Florida's most expensive cities for renters, Fort Lauderdale and Miramar both exhibited significant YOY growth rates in December, 4.0% and 3.8% respectively.
- The ubiquitous Miami managed to preserve a fragile balance between demand and supply. Miami closed the year with a 2.4% rent increase, reaching $1,610/month.
- Facing a housing shortage and pressure coming from big cities, mid- and small-sized markets saw rents soaring.
- Currently at $1,258/month, the average rent in St. Petersburg, Florida, increased the most by a whopping 9.2%. Renters here ended up paying approx. $1,270 in extra rent for the year.
- Coming in 2nd on the list of the fastest growing rents in the Sunshine State, Orlando closed the year with a 6.1% increase.
- Jacksonville saw rents increase by 4.9%. With the average rent clocking in at $994 in December, the city is worryingly near the $1,000 threshold.
- At the end of 2017, Tampa struggled to keep prices in check with a 4.1% growth rate.
For average rents in cities across the U.S., plus infographics, click here.