Florida Rent Hikes are Still Surging. Is The End Near?

Toni Koraza

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Surging demand has hiked the price of everything in Florida - from rent to food.

The outrageous rent hikes have already priced out many civil servants, public defenders, and prosecutors out of key areas, according to Miami-Dade State Attorney.

Others have seen their rents surge too. One Jacksonville woman claims her rent almost doubled from $1,450 to $2,200 this year. Others have seen a hefty bump of $500 on their new leases. These stories are very common these days. Some of your neighbors or friends may be living in fear of the next rent hike.

Renters in Miami-Dade are paying 19% more than they would under standard rent increases, according to Florida Atlantic University and Florida Gulf Coast University. The rent is not only surging, it's surging beyond our wildest imaginations. Normal market conditions, anyone? Eh...

Rent increase notice

Florida's government can't let everything to the free market. Otherwise, many Floridians would have been forced to move to a different state already.

Landlords have to provide a 60-day notice for hikes that are 5% or higher. This rule applies only to month-to-month leases. Some have advocated instituting a rent hike ceiling, but this is highly unlikely to happen in Miami-Dade or other counties in the Sunshine State.

New housing is coming, but for who?

New builds are coming hot-of-the-crane for higher-end and luxury markets. Investors have poured a lot of money into South Florida during the pandemic, and most have bills to pay. Higher-end markets pay those bills.

The main problem seems to be the lack of inventory. People buying second homes or reinvesting money from other industries seem to have snatched everything on the market.

The shortage of construction material, supply lines, and global politics have only poured additional gasoline on a wildfire of insufficient housing.

More scarcity means higher prices of everything, most notably rent.

Is there an end in sight?

Housing prices probably are not going to stop rising anytime soon, but they might cool down and level off.

We're already seeing price surges slowing down in Fort Myers, Orlando, and Tampa. Hopefully, the rest of the country will follow suit soon.

Are you worried about rent price surges in your area?

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