Two Florida cities lead national rent cost increases for 2022

by | Mar 16, 2022


 

Two Florida cities, Miami and Orlando, lead the nation in rental housing cost increases through the first few months of 2022, reflecting a scorching-hot national housing market.

Miami marked the highest increases in America, increasing at a clip of 38.6 percent on average. Orlando trails behind, occupying second place with an average cost rise of 19.9 percent. Nationally, single-family rent prices rose a shade under 13 percent from a year earlier, though Florida is outpacing the nation due to a high increase of people moving to the state, leading to an increased demand for rentals.

“Rent has increased dramatically in many parts of Florida the past year. Inflation is at a 40 year high so prices for everything are going up nationally,” said DeSantis Spokeswoman Christina Pushaw on Twitter. “But in Florida we are seeing a bigger spike in rent prices because so many people are moving here. Demand outpaces supply.”

Lawmakers have recognized the skyrocketing price and increasing prevalence of native Floridians being priced out of neighborhoods, though the proposed legislation has fallen on deaf ears.

“No legislation passed this session to address the ridiculous cost of rent, condo safety, or property insurance rates,” said Rep. Anna V. Eskamani. “Easier to distract than solve problems.”

Rent prices reached an all-time national high to kick off the new year, rising to $1,374 in January, reflecting a 12 percent year-over-year increase. The median two-bedroom rose to $1,698, a 14.1 percent year-over-year rise.

Foreign real estate acted as a secondary influence on Florida rent prices, particularly in the Miami-Ft. Lauderdale-West Palm Beach metropolitan area. Foreign real estate investors brought upwards of $12 billion to the Florida economy in 2021, totaling 22,500 existing homes purchased at a medium cost of $347,300.

The Miami metropolitan area, including West Palm Beach and Ft. Lauderdale, accounted for over 50 percent of properties purchased, followed by the Orlando region (10%), Tampa (8%), Cape Coral-Ft. Myers (5%), and Sarasota (4%).

Forty-three percent of Florida’s foreign buyers purchased in a central city or urban area, an increase from 34 percent in the prior 12-month period. The increase can be explained by the higher share of buyers from Latin America, who tend to purchase properties in the Miami metro area. Nationally, 28 percent of all U.S. foreign buyers purchased properties in a central city/urban area.

Gov. Ron DeSantis on Wednesday placed blame on the Center for Disease Control on rising rent prices, positing that an enforced rent moratorium served as a contributing factor.

“The CDC basically had a moratorium that said that people didn’t really have to pay rent. And I’m not saying people here weren’t. Some may not have been,” DeSantis said. “What’s happening now is all these people who own these properties are charging more to make up for what was there.”

Miami, the most expensive real estate market in Florida, holds a medium rent price of $2,340 for a one-bedroom apartment, while Orlando has a one-bedroom median listing at $1,733

12 Comments

  1. Delores knittel

    Should be a cap on rentals price

    Reply
    • Anonymous

      Yes, there should be some type of cap on RE rental/sale increases. Just since the pandemic, I have observed rental prices skyrocketing 65%-100%. People are being displaced from their homes and no one cares…unless you’re completely impoverished. But even then, there aren’t enough affordable housing programs to accommodate everyone. Now, If your income qualifies you as middle-class…good luck!

      Reply
      • Anonymous

        Everyone should stop paying rent and mortgage and then is what happens thinks will come to order.

        Reply
  2. CW

    My rent increased 25% and I’m in an older, non-remodeled apt. I will now pay just over $2000.00 monthly for a 1-bedroom apt. in West Broward Cty. So unfair 🙁 It’s exactly what our governor stated above 👆🏻

    Reply
    • Melly

      No it’s not the cdc I it’s the leaders doing business deals with those that are in the 20% rather than their constituents in the 80%

      Reply
      • Anonymous

        I completely agree!

        Reply
  3. Anonymous

    They really need to find a way to lower the rent and gas prices. It’s really getting ridiculous and people can’t afford to live.

    Reply
    • Anonymous

      In orange park, an 2/2 apartment that has been our home for over 10 yrs, with no upgrades or simple upkeep even, is about to increase about 30%. If we were to chose to stay, we would be paying over $1500. While the upgraded version is over $1700. It’s a rip off, it shouldn’t be legal to hike the rent so dramatically. But in Fl there are no laws on rent hikes. They can go as high as they want. Smh.. Time to leave my native state and start fresh somewhere else.

      Reply
  4. Bob Jones

    It’s called massive immigration. When you vote for democrats that’s what you get. Also, Democrat cities refuse to approve permits to build enough new units, pushing people out to the lower cost areas.

    Reply
  5. Andrea L

    It’s pure GREED and its not justified! Shame on these landlords and shame on the government for not preventing this price gouging! So many people are being priced out of their homes now! It’s so wrong

    Reply
    • Anonymous

      It’s like I said before here in Florida stop paying rent and mortgage and then thinks will come to order we are human beings not animals the love, care in this world is gone Israel cirilo.

      Reply
  6. Anonymous

    This sucks

    Reply

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