This Last Year Saw an Increase of 13.1% in Rents in Central Florida

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Real Estate Agent with Re/Max Town & Country Realty BK560717

The rental listing costs of Relator.com were up 8.1 percent in the successive years, and the top ten list included two Fla. metros ranked for increases: Jacksonville, up 14.4 percent, and Tampa-St. Pete, up 21.2 percent. In general, the most significant increase of 10.2 percent was seen in two-bedroom units due to the continuous increase in the demand for capacious and larger living space.

Due to the home listing shortage, the buyers have been forced to rent, which as result has increased the rental demand, and ultimately the prices of rent. As per the prices from the website of realtor.com, the U.S. median rental price has jumped 8.1 percent in successive years throughout the country.

As the demand spiked, the particular price for the two-bedroom unit increased significantly. Year to year, around a 10.2 percent increase in the prices of rent was witnessed due to the constant and high consumers' demand for more space.

In the top ten list for rent increases, two of the markets of Florida were included: at number three was Tampa with year-to-year rent increases of 21.1 percent, whereas Jacksonville was ranked tenth with an increase of around 14.4 percent.

As per realtor.com, the Florida metro area saw an increase in rents:

  • Jacksonville: the average rent was $1,310, up 14.1 percent year to year and 4 percent month to month
  • Miami-Fort Lauderdale-West Palm Beach: the average rent was $2,153, up 13.3 percent year to year and 7.7 percent month to month
  • Orlando-Kissimmee: the average rent was $1,500, up 13.1 percent year to year and 3.9 percent month to month
  • Tampa-St. Petersburg-Clearwater: the average rent was $1,605, 21.1 percent year to year and 5.6 percent month to month

The record was broken in 44 of the 55 largest metros by the rental prices. According to the reports of realtor.com, the major gains were recorded in Phoenix, Tampa, Calif., and Riverside. Increases of over 20 percent year-over-year were posted by all of these areas.

The chief economist of realtor.com, Danielle Hale, has stated that: “The surge we’re seeing in rental prices is likely to exacerbate the K-shaped, or uneven, nature of the pandemic recovery in the U.S." He also mentioned that as compared to the income, the rents are rising at a much greater rate, which ultimately is making it more difficult and challenging for the lower-income American citizens as they are already confronting the issues of job losses and various other problems caused by the Covid 19 pandemic. 

Hale believes that the rental prices are not going to be ameliorated or reduced until and unless there is a complete paradigm shift. This means that either there should be a much greater number of homes listed for the purpose of sale or a relatively higher number of rentals.

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