Across America, rental prices are on a trajectory to go higher. In 2020, monthly rent averaged $1,164 nationwide; the median rent was $1,104. The nationwide average cost of a one-bedroom home was $1,017. The report went on to state rent prices increase 12.5% faster than wages. (source)
Economists forecast that "rent inflation" will speed up in 2022 and 2023. The prediction went on to say that these increases will be the highest rates in over 30 years. (source)
The Story of a Florida Millennial
TikToker Kimberly Marie (@kimberly_mariec) posted a video explaining her living situation on April 25.
“Can we talk about something serious for a second?” I am 27 years old now. I have a full-time job, I worked really hard to get here. I have a college degree, everything like that. I’m financially responsible, and in one month, I’m going to have to move out of my apartment because I can no longer afford it.”
She continues, “To be really transparent, I live in Florida, and I pay about $1,200-1,300 a month for my apartment, not including utilities, all that good stuff. I got my rent renewal offer last month, and they raised the rent by $900 for my apartment.”
She further explains, “Honestly, I’m fine. I’m moving back in with my parents. But what about the people who don’t have family here. What are they going to do?”
Here is the video:
Why are Florida 2022 rents so high?
Florida is experiencing a higher rent spike than other states. Miami and Orlando are two Florida cities that have led the nation in housing cost increases. The reason for this is that demand outpaces supply. In 2021, foreign real estate investors brought over $12 billion to Florida's economy. The Miami metropolitan area, including West Palm Beach and Ft. Lauderdale, were areas of preference for real estate investors. (source)
Rent in this state reached an all-time national high at $1,374 in January; this is a 12% increase over last year. The median two-bedroom rental cost rose to $1,698; this represents a 14.1% increase. (source)
What do you think about this?
Share your thoughts in the comments and feel free to share this article on social media and with your friends and family. If you'd like more content like this, you can follow me on Newsbreak.
Disclaimer: This article is only for educational and informational purposes.