Miami, FL

Rental Rates Increase in Miami

Cadrene Heslop

Across Florida, there are rent spikes. Experts expect housing costs to continue increasing. According to the US National Home Price Index, the average home price rose by 18.8% in 2021. This uptick was the highest calendar-year jump in 34 years.

Housing expenses are going up across all areas of Florida. In 2021, the rates of increase were:

  • Tampa - 29.4%
  • Miami - 27.3%
  • Palm Beach County - 22%
  • Daytona Beach - 19.7%

Renters are not the only ones feeling the pinch. The cost of homeownership is rising for buyers. The average median price for family unit existing homes is about $348,000, a 20% hike from the previous year. But there are still inexpensive ZIP codes in the area. These locations include:

  • 33313 in the Fort Lauderdale area
  • 33417 in West Palm Beach
  • 32208 in the northern area of Downtown Jacksonville
Photo by Lance Asper on Unsplash

Why is the cost of renting increasing in Miami and other parts of Florida?

Miami, Tampa, Orlando, and Fort Myers have rental prices higher than historical averages. One reason is supply shortages. Enough new developments are not happening to meet the demand of population growth.

The second reason is rising populations. During the pandemic, many people moved to Florida for its beachside communities. This move caused vacancies to decline further, leading to more shortages.

Some residents say they spend 50% to 60% of their income on rent.

What do you think?

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*Disclaimer: This article is for informational and entertainment purposes only.*

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