Rental Prices are Moving on Up
RentCafe.com’s June 2018 Apartment Market Report analyzed the rental rates for studios, one and two bedroom apartments in 250 of the country’s largest cities. The study reported that in 88% of those cities rental prices are moving on up. Rental prices in 10% of the cities remained unchanged. Only 2% of the cities included in the report experienced decreased rental rates.
9 out of 10 South Florida Cities experience rental increases
The study included 10 South Florida cities : Coral Springs, Davie, Fort Lauderdale, Hialeah, Hollywood, Miami, Miramar, Pembroke Pines, Pompano Beach and West Palm Beach. The study revealed that the lowest increase in rental rates was in Miramar and Pembroke Pines. Rental prices in those two cities only rose 1.6%. The highest rental rate increase occurred in Hollywood which rose 9.6%. The only South Florida city in which rental rates decreased was Davie. Although the trend in Davie may be more of an exception than a rule. Rental rates in Davie showed an increase in June according to the month-to-month data used in the report.
Based on the study, the city of Hialeah had the lowest rentals rates. One bedroom apartments in Hialeah rented for an average of $1188/mo and two bedrooms rented for an average of $1441/mo. One bedroom apartments were most expensive in Fort Lauderdale, renting for an average of $1582/mo. The most expensive two bedroom apartments were in Miramar, renting for an average of $1875/mo. Overall Hialeah had the lowest average rental rates, $1322/mo. Fort Lauderdale had the highest average rental rates, $1861/mo.
Rental Prices Will Continue to Move On Up
Rental rates promise to keep rising as the population of South Florida continues to increase. Ken Johnson, an economist from Florida Atlantic University recently confirmed this fact. Johnson conveyed that residents from other states are moving to Florida because of Florida’s tax benefits. This domestic migration coupled with international immigration will result in a 50% increase in Florida’s population over the next 20 years according to Johnson. At that point rental rates will be even higher, and real estate ever more valuable. So why keep renting? Invest in your future and start owning!
If you are ready to stop renting, contact me, Désirée Ávila, to help you get started on the path to owning your own home. You can reach me at 954-993-4246, email me at desiree@desireeavila.com, or fill out this form : I want to stop renting and buy my own home.