Recently, it was announced by realtor.com that the South Florida rental market is the third fastest growing in the country. In fact, the average rent in August rose by 27% to $2,432. During the pandemic, there were months of stalled rent growth. However, its gradual recovery allowed prices to surge in 2021. Right now, the average rent in South Florida for a one bedroom apartment is around $2,150. For a two bedroom, the average is $2,800. Both prices are up around 25% compared to last year.
Due to a rapid vaccine rollout, the local economy is recovering. This has turbo-charged the South Florida rental market. Cumulative, rents in the area are 13.7% up since September 2019. Similarly, home prices are up around 19.6% from that period.
Only two markets reported faster growing rents. First, Tampa, FL, and then Riverside, CA. However, rental prices across the entire country have shown increases in August. In fact, during that month, rents grew by double digits for the first time in record.
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Looking to invest in a rental property in South Florida?
AMG International Realty is a global real estate firm specializing in Florida. So, if you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. In addition, if you have any questions about the best neighborhood for you, we are here to help. Contact us today!
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