Residential rents in Florida continue to rise even though costs dropping in other states, new report finds

MIAMI — Renters in the state of Florida noticed a double-digit enhance in the quantity they pay each month to lease a house even though rental costs are dropping in other states, in accordance to a new report launched Friday.

The findings by Rent.com, a web based web site that claims it was created to “simplify the experience of connecting people and properties,” present that Florida’s month-to-month house leasing costs are rising regardless of a nationwide development of declining rents.

Renters in the Miami metro space noticed a 23.2 % in rental costs this 12 months over final 12 months, in accordance to the report, which cited steep rents in other Florida areas that embrace Cape Coral-Fort Myers, Tampa, North Port-Bradenton, Orlando and Deltona-Daytona Beach.

The group stated the hire hikes in the Sunshine State have resulted from a scarcity of uncooked supplies which have resulted from latest pure disasters.

“It most likely will be harder than ever to acquire materials and labor at reasonable prices, which will definitely exacerbate rental issues in this area of the state,” Shelton Weeks, an actual property knowledgeable at Florida Gulf Coast University advised an area TV station. 

The report’s authors stated they in contrast hire costs throughout bed room varieties to decide which of the nation’s largest metros areas had been turning into extra inexpensive or dearer for renters.

The group stated it analyzed rental property costs in October 2022 from Rent’s out there stock to determine a median hire worth on the nationwide, state and metro degree. 

The group additionally discovered that:

• The median nationwide hire dipped under the $2,000 mark for the primary time in six months, after peaking at $2,053 in August 2022. 
• Oklahoma City noticed the most important year-over-year enhance in rents at 31.7 % of the 50 metro areas analyzed by the group.
• October hire costs are down month-over-month, a two-month development that gives additional proof the market is stabilizing.
• Only 4 states reported a drop in residential rental costs this 12 months over final 12 months: Massachusetts, Nevada, Wisconsin and Idaho.

CBS Miami Team

The CBS Miami workforce is a gaggle of skilled journalists who deliver you the content material on CBSMiami.com.