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Rent in Miami, Fort Lauderdale, West Palm Beach market up 57%, study says

Increase is largest in country
Posted at 6:41 AM, Apr 19, 2022
and last updated 2022-04-19 09:04:37-04

WEST PALM BEACH, Fla. — For renters, the demand for affordable housing continues to explode.

Realtor.com tracks prices across the country and recently released data showing the Miami-Fort Lauderdale-West Palm Beach market had the largest increase in the U.S.

The study showed median rent in South Florida was just under $3,000 per month in March. That's a 57.2% jump from the previous year and by far the largest percentage increase in the nation.

Two other Florida markets — Orlando-Kissimmee-Sanford and Tampa-St. Petersburg-Clearwater — saw the closest rates of change in the average rent price at 35% and 31%, respectively.

The median price for a two bedroom rental in South Florida is closer to $3,400 per month, according to Realtor.com.

Despite having the greatest year-over-year change in rent, the Sunshine State didn't have the highest overall median rent. That title still belongs to California.

Among the 50 metros evaluated, only three have overall median rents at $3,000 per month or more, and they’re all in California. San Jose-Sunnyvale-Santa Clara has the highest at $3,075, followed by San Diego-Carlsbad at $3,016 then Los Angeles-Long Beach-Anaheim at $3,000.

However, the Miami-Fort Lauderdale-West Palm Beach market isn't far behind at $2,988 per month.