Real estate agents note that about 1,000 people move to Florida every day. All of them are seeking high living standards in a resort ambience all year round amidst palm trees and beaches. There are now fewer houses listed for sale than buyers, and the situation in the market is not likely to change in the nearest future, experts say.
According to the National Association of Realtors (NAR), the activity in the Florida real estate sector will drop by 38.1% year-on-year. At the same time, rentals will rise because of the high demand. In 2021 through 2022, the home rentals in Florida increased by 28%. The state’s rental market remains highly competitive. Tenants are ready to pay a lot for houses and apartments and strive to live there all year round. Such a trend makes buy-to-rent properties in Florida particularly attractive.
The house rentals in Miami-Dade, Broward, and Palm Beach Counties are supposed to increase by 18.81% compared to 2022 and reach about $28,000 per month. As for selling prices, experts believe that they will drop by 20% in 2023.