Right now, South Florida rents continue to increase, making the lifestyle in the area more expensive. This increase is highly due to an increase in demand as well as higher home prices. Because of the pandemic, many people from out of state opted to move to South Florida. In addition, there has been a sharp employment growth, and a competitive real estate environment has emerged. Today, landlords have been commanding higher rents. In addition, a lot of them have been a lot more picky about their tenants.
In some areas of South Florida, rents have increased around 24% during the past year. During the second quarter of 2021, the average in South Florida rents is $1,831. This is. a7.9% increase YoY. This is highly because the economy is recovering, and new job opportunities have increased demand.
Today, Miami ranks as number 5 in the list of major metropolitan areas with highest rent growth among one-bedroom units. In the second quarter of 2021, 10,028 apartments in the Miami area were absorbed. Only 4,855 new apartments were delivered during the same period. Right now, developers are preparing to break ground on around 17,000 units in the next four quarters. This could help stabilize the market.
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