Miami is in the top 10 US cities with the highest rental rates

Miami is in the top 10 US cities with the highest rental rates

Miami became number seven in the USA (and number one in Florida) based on the average monthly rent.

This data is quoted in the Waller, Weeks and Johnson Rental Index as of June 2022 compiled by experts from several respected universities and research centers. The study looked at 107 metropolitan areas and their average rental rates.

In Miami, this indicator reached $2,846 per month. Jacksonville, on the other hand, turned out to be Florida’s cheapest city, with the rent of only $1,748 per month.

Another objective trend is the rapid increase of rental rates in almost all of the state’s cities compared to the previous year. Analysts shared the following data:

  • Fort Myers: +32.38%;
  • Miami – Fort Lauderdale – West Palm Beach: +31.70%;
  • North Port – Sarasota-Bradenton: +30.88%;
  • Tampa: +26.93%;
  • Port St. Lucie: +25.54%;
  • Lakeland: +23.92%;
  • Orlando: +23.70%;
  • Melbourne: +22.46%;
  • Daytona Beach: +21.88%;
  • Jacksonville: +20.39%.

Such a considerable growth is good news for investors in Florida real estate. It promises a higher passive income and return on investment in such property.

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