As we all know, rising prices have significantly impacted Americans, as inflation has been increased at its highest rate in almost 40 years. This means increased costs for food, utilities, shelter, and rent are no exception for consumers.
As more people move to the Sunshine State, rents are rapidly rising. Florida currently has the highest percentage of cost-burdened renters in the country.
According to the S&P CoreLogic Case-Shiller US National Home Price Index, average home prices rose 18.8% year-over-year in 2021, and the list of the city which biggest increases are:
- 29.4% increase year-over-year in Tampa
- 27.3% increase in Miami
- The average rent price in Palm Beach County increased by 22%
- Prices in Daytona Beach increased by 19.7%
- In 2022, the average rent price of a single-family house in Palm Beach County will increase by 25% in January.
According to Realtor.com, rent prices nationwide increased 19.8% from January 2021 to January 2022.
Because Florida rent has increased by 30 percent since January 2021, half of all renters in the state spend more than 30 percent of their income on that monthly check. With this increase, the average rent for a one-bedroom apartment is now around $1,400.
With the Ukraine conflict escalating, many experts predict that economic sanctions and nationwide inflation will impact Florida real estate.
According to floridarealtors.org, rising oil and gas prices will affect household heating expenditure as well as supply-chain disruptions. Officials point to research conducted by the National Association of Home Builders, which shows inflation has led to a 22% increase in the cost of construction supplies. According to experts, this will affect the affordability of the house.
Renters will share their stories and testimonials on social media with the hashtags #RentTooDamnHigh and #CantAffordMiami during a virtual rally on Saturday, March 5. According to Jean-Baptiste Pellot, residents may email SMASH one-minute videos describing their renting crisis.
What do you think about the increased rent prices in Florida? If you think more people should read this article, share it on social media and with your friends and family.
Disclaimer: This article is only for informational purposes.