The excessive cost of rental apartments and houses is gradually reducing across the USA but the situation in Florida is different. Local rents are still the most overvalued in the country due to a high demand and a severe shortage of available housing, according to the results of the study conducted by the Florida Atlantic University and two more educational establishments.
As of late September, the rental premium was 9.33% on average nationwide, while in the Miami metropolitan area (including Palm Beach County), tenants spent 18.22% more than the historical pricing trends would suggest.
Five more markets in the Sunshine State are in the list of top ten places with the most overvalued rent. These are Orlando, Tampa, Cape Coral – Fort Myers, North Port – Bradenton, and Deltona – Daytona Beach. For instance, a one-bedroom apartment in West Palm Beach costs an average of $1,750 per month, according to the Zumper website.
As for the annual price growth, the study showed that the Miami metropolitan area is at the top of this list again with 18.81%. In other markets, the rent grew by 3 – 5% a year. Four more Florida locations (Orlando, Cape Coral – Fort Myers, Palm Beach – Melbourne, and Deltona – Daytona Beach) made it to the top 10 markets with the greatest rental growth.