The country’s largest annual increase of rent was recorded in the Florida residential real estate market, particularly in Miami, Tampa, and Orlando. This trend has continued for quite a while now. It can be explained with a great inflow of tourists and ex-pats. The demand for rental houses is growing, since Americans and foreigners are attracted by factors like Florida’s booming labor market, no state income tax, and abundant sunlight.
Here is some detailed statistical data on the Florida residential real estate market:
- As of June 2022, the average rent for a 3-bedroom house located in the Miami Metropolitan Area was $3,675 per month. In Tampa and Orlando, the average monthly rent for such a residence was $2,300 and $2,190 respectively.
- Rent increased by 16 – 19% year-on-year in these three locations.
- 34% of Florida residences are occupied by tenants. This demonstrates that the rental property market offers numerous growth opportunities.
- The average income of Florida landlords is $57,703; the per capita income, $32,848.
- The places in Florida where renting residential real estate costs the most are Surfside, Key West, West Miami, and Miami Beach.