Renters in the state of Florida have seen double-digit increases in the amount of monthly payments for residential rentals, despite lower costs in other states.
Rent.com, an online site created for “Simplify the experience of connecting people and assets”Shows monthly rental costs for homes in Florida are rising despite a national decline in rents.
Florida renters saw double-digit increases in the amount they pay each month, even as rental costs in other states are falling. https://t.co/i9ZvLUmLMa
— CBS4 Miami (@CBSMiami) November 18, 2022
Increase in residential rents this 2022
According to the report, renters in the Miami metropolitan area saw a 23.2 percent increase in rental costs this year compared to last year.
Higher rents were reported in other areas of Florida, including Cape Coral-Fort Myers, Tampa, North Port-Bradenton, Orlando and Deltuna-Daytona Beach.
The website said the root cause of the rent hike in the Sunshine State is the shortage of raw materials due to recent natural disasters.
“It is likely to be more difficult than ever to procure materials and labor at reasonable prices, which will certainly exacerbate rental problems in this area of the state.”said Shelton Weeks, a real estate expert at Florida Gulf Coast University.
The report compared rental prices among room types to determine which of the country’s largest metropolitan areas were becoming more affordable or more expensive for renters.
Rental property prices were analyzed to identify the national, state and metropolitan average rental price for October 2022 from the available rental inventory.
Other Report Findings
After peaking at $2,053 in August 2022, the median national income fell below $2,000 for the first time in six months.
Oklahoma experienced the largest year-over-year increase in rents, up 31.7 percent, of the 50 metropolitan areas analyzed by the group.
October rental prices have declined month-on-month, a two-month trend that provides further evidence that the market is stabilizing.
Nearly four states reported a decline in residential rental costs this year compared to last year: Massachusetts, Nevada, Wisconsin and Idaho.