New study measures rent spikes in 3 Florida markets

Across the country, renters are paying more for a place to call home. But here in Central Florida, the price of rent is rising rapidly. There is no doubt that rental rates have soared across the United States to record highs and researchers say Florida has seen the highest rents in the country. One of the researchers we spoke with isn’t surprised that rents have gone up. He is more surprised to see how much they have increased. Ken H. Johnson, a real estate economist, along with two other researchers looked at more than 100 cities across the country. pandemic, then supply chain issues after that. He said the national average for year-over-year rent change is about 15%, but eight Florida cities, including Orlando, are well above that. He said research shows the biggest increase was in Fort Myers where renters paid 29% more this year than in June 2021. Miami is second with a 28% increase. Sarasota at 24%. Rents in Orlando, Tampa and Daytona Beach have jumped 22% over the past 12 months. Melbourne and Lakeland were up 21%. “It’s a phenomenon across the country. It’s really amplified in all major metros in Florida. So Florida takes the measure of premium we do out of 100 cities, Florida takes seven of the top 10 spots in terms of premium. So it’s not a number or a stat that we want to win in,” Johnson said. Johnson says short-term rentals like Airbnbs have taken a large share of the home rental market. units. But that goes out to everyone, including developers, city and county leaders, and citizens, especially those who often say “not in my backyard.”

Across the country, renters are paying more for a place to call home. But here in Central Florida, the price of rent is rising rapidly.

There is no doubt that rental rates have soared in the United States to record highs and researchers say Florida has recorded the highest rents in the country.

One of the researchers we spoke to isn’t surprised that rents have gone up. He is more surprised to see how much they have increased.

Ken H. Johnson, a real estate economist, along with two other researchers looked at more than 100 cities across the country.

Johnson said he expected to see a spike in rents due to construction halting during the pandemic and then supply chain issues afterward.

He said the national average for year-over-year rent change is about 15%, but eight Florida cities, including Orlando, are well above that.

He said research shows the biggest increase has been in Fort Myers, where renters have paid 29% more this year than in June 2021.

Miami is second with a 28% increase. Sarasota at 24%. Rents in Orlando, Tampa and Daytona Beach have jumped 22% over the past 12 months. Melbourne and Lakeland were up 21%.

“It’s a phenomenon across the country. It’s really amplified in all major metros in Florida. So Florida takes the measure of premium we do out of 100 cities, Florida takes seven of the top 10 spots in terms of premium. So it’s not a number or a stat that we want to win in,” Johnson said.

Johnson says short-term rentals like Airbnbs have taken a large share of the home rental market.

He says the long-term solution is to build more rental housing.

But this is for everyone, including developers, city and county leaders, and citizens, especially those who often say “not in my backyard.”

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