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.
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.
|Florida Area||Median Rent (05/22)|
|Miami / Ft. Lauderdale / West Palm Beach||$2,843|
|Tampa / St. Petersburg / Clearwater||$2,093|
|Orlando / Kissimmee / Sanford||$1,955|
For people looking into real estate, it’s evident that Florida rentals will continue to grow in price and demand for months to come.