Two Florida Cities Leading National Rental Cost Increases for 2022

Two Florida cities, Miami and Orlando, lead the nation in increasing the cost of rental housing during the first few months of 2022, reflecting a scorching national housing market.

Miami recorded the highest increase in America, increasing by 38.6 percent on average. Orlando trails behind, ranking second with an average cost increase of 19.9 percent. Nationally, single-family rental prices are up less than 13 percent from the previous year, although Florida has outpaced the nation due to the surge in people moving to the state, driving up demand for rentals.

Rent has increased dramatically in many parts of Florida last year. Inflation is at its highest level in 40 years, so prices for everything are rising nationally, a DeSantis spokeswoman said. Christina Buchou on Twitter. But in Florida we’re seeing more rental prices go up because a lot of people are moving here. Demand outstrips supply.”

Legislators recognized the very high prices and the increasing prevalence of neighborhood-priced Native Florida residents, although the proposed legislation fell on deaf ears.

“No legislation has been passed for this hearing to address the exorbitant cost of rent, apartment safety, or property insurance rates,” the MP said. Anna F. “Distracting is easier than solving problems.”

Rental rates are at their highest nationally for the start of the new year, rising to $1,374 in January, reflecting a 12 percent year-over-year increase. The average two-bedroom room rose to $1,698, an increase of 14.1 percent year over year.

Foreign real estate has been a secondary effect on rental rates in Florida, particularly in Miami Fort. Lauderdale-West Palm Beach metropolitan area. Foreign real estate investors brought in over $12 billion into the Florida economy in 2021, with a total of 22,500 homes purchased at an average cost of $347,300.

Miami metropolitan area, including West Palm Beach and Ft. Lauderdale, acquired more than 50 percent of the properties purchased, followed by the Orlando area (10%), Tampa (8%), Cape Coral FT. Myers (5%), and Sarasota (4%).

43 percent of foreign buyers in Florida purchased in a central city or metropolitan area, up from 34 percent in the previous 12-month period. The increase can be explained by the higher share of buyers from Latin America, who tend to buy real estate in the Miami metro area. Nationwide, 28 percent of all American foreign buyers purchased real estate in a central city/metropolitan area.

Governor Ron DeSantis on Wednesday blamed the CDC for rising rental prices, assuming the rent halt was a contributing factor.

“The Centers for Disease Control and Prevention (CDC) had a moratorium that said people didn’t really have to pay rent. And I’m not saying that people here weren’t. Maybe some weren’t,” DeSantis said. Those people who own these properties are charging more to make up for what was in there.”

Miami, the most expensive real estate market in Florida, has a median rental price of $2,340 for a one-bedroom apartment, while Orlando has a median one-bedroom listing at $1,733.

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