Florida renters required to pay $795 more a month to keep their apartment and it's perfectly legal

Kristen Walters

What would you do if your rent went up by $800 a month or more?

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Florida renters have seen some of the highest rent increases in the nation.

In Sarasota, renters have seen costs rise as much as 60 percent in recent months. One couple renting in Palm Beach reported that they would have to pay an additional $795 per month to keep the two-bedroom apartment that they have been living in for the past two years.

Many renters across Florida have found themselves between a rock and a hard place. A typical scenario for many in this situation is that they cannot purchase a home yet because they haven't been able to save up enough cash to cover the down payment, or they have a spotty credit history that they are working on repairing.

So, they are left with no choice but to rent.

However, with rental prices rising at astronomical rates, many renters are worried that they won't be able to stay in their current apartments or find more affordable housing, let alone save up to purchase a home. Most people don't have an additional $800 to $1000 in their monthly budget to cover these costs.

This has led many Florida residents to question whether these rent increases are legal. Currently, most apartments in Florida are not subject to any "rent control" measures. State law exempts rental units priced over $250 a month from rent control measures.

Therefore, landlords and property management companies can raise rents as high as they like. The only thing that will control the price of rent in Florida is how much the market is willing to pay.

As long as people continue flooding into the state with the means to pay higher prices, Florida renters should not expect the price hikes to come down anytime soon.

Have you been affected by higher rent or housing prices recently?

Let us know what you think about this in the comments.

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