The latest statistics show that Miami rents have taken a massive 45.8% leap in comparison to May 2021. Additionally, the South Florida hotspot continues to be the most expensive city in America for renters.

According to a new Realtor.com report, rental prices have reached yet another record-breaking high.

The recent stats mark the fifteenth consecutive month of continually rising rents across the United States.

But out of all cities, Miami tops the list with the highest rents. As of May 2022, prices are nearly twice as high as they were around this time the previous year.

Miami and Florida rents in general continue to soar

However, Miami isn’t the only area in Florida with ultra-high rentals.

“Three of the five metros seeing the highest price growth were in Florida.”

— Realtor.com

More specifically, Orlando and Tampa also attained top growth status, with 28.4% and 22.4% price increases, respectively.

“People are really interested in these Sun Belt metros. These warm areas are getting a ton of interest from people in other parts of the country,” explains Joel Berner, senior economic research analyst.

For people looking into real estate, it’s evident that Florida rentals will continue to grow in price and demand for months to come.

To learn how Grant Cardone has leveraged the multifamily market in any economy as an investor, register for his Live Real Estate Training — for free.

Disclosure: This content is intended to be used for educational and informational purposes only. Before investing, you should always do your own analysis based on your own financial and personal circumstances before making any investment. Grant Cardone is an industry expert who has been investing for over 30 years and his opinion is based solely on his own personal experience and circumstances. Individual results may vary. You should perform your own due diligence and seek the advice from a professional to verify any information on our website or materials that you are relying upon if you choose to make an investment. Investment involves great risk and there is no guarantee of performance or results.

We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice. We recommend seeking the advice of financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.