Highest competition among tenants recorded in Florida

Highest competition among tenants recorded in Florida

As the coronavirus restrictions are lifted and remote work becomes permanent, many Americans move to places with a more tranquil and relaxed lifestyle and a nice climate, especially to Florida and the Northeast (Pennsylvania and New Jersey). These are the regions with the highest competition in the tenants’ market, according to the data published this June.

Researchers from RentCafe (a division of Yardi Systems, a real estate software developer) considered five indicators:

  • average vacant days;
  • occupancy rate;
  • competition for listed properties among potential tenants;
  • lease renewals;
  • new properties commissioned over the first four months of 2022.

According to the analytics, the Miami-Dade County with more than 20 miles of marvelous beaches was particularly popular among tenants. Orlando and Florida Southwest were also in the top ten. Doug Ressler, Data Intelligence Manager at Yardi Matrix, believes that rapid inflation and popularity of remote work, as well as a good business climate in Florida (fewer COVID restrictions and lower taxes) are the reasons for such performance.

All things considered, Florida real estate will probably become increasingly popular among tenants from the US and other countries.

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