[kidyankee764]

Yikes.

Median rents by metro:

Los Angeles metro - $3,000
Miami-West Palm Beach metro - $2,988
San Francisco-Oakland metro - $2,982
New York City-Newark metro - $2,750
Washington-Arlington-Alexandria metro - $2,093
Austin-Round Rock metro - $1,777

The South Florida region saw the highest rent increases in the country in the past year, with some rents more than doubling.

The median rent in the tri-county area jumped 57% from March 2021 to March 2022, according to the latest data from realtor.com. The region had the highest rent increases out of the 50 metro areas analysts studied, and makes South Florida’s median rent more expensive than even the New York metro area.

“South Florida has benefited from broader interest in relocation. While affordability is eroding as rents rise, Florida’s lack of income tax continues to make it an attractive target for households looking to relocate, particularly from higher-tax areas,” said Danielle Hale, chief economist at realtor.com.

The current overall median rent in South Florida is $2,988. The current median rent for a studio shot up to $2,499. It has the fourth-highest rent in the country, according to the study from realtor.com.

For comparison, here’s how much rents jumped in larger metropolitan areas:

The Los Angeles-Long Beach-Anaheim metro area rents jumped by 20% to $3,000.
The Washington-Arlington-Alexandria metro area rents jumped by 13% to $2,093.
The San Francisco-Oakland-Hayward metro area rents jumped by 11.4% to $2,982.
The New York-Newark-Jersey City metro area jumped by 14% to $2,750.
The Austin-Round Rock metro area rents jumped 25.9% overall to $1,777.

The pandemic phase actually lowered rents for studios and one-bedrooms in some areas, as remote work became more feasible. Tech-heavy areas such as San Francisco and San Jose saw rents for studios and one-bedrooms dip significantly, and remain below pre-pandemic prices.

“It’s fair to say that many of the trends that are benefitting South Florida are likely to persist, so I expect continued rent growth,” Hale said. “However, like we’re seeing nationwide, I do expect a slowdown in the pace of [rent] growth so that rents don’t get too far disconnected from household incomes.“

Renters and their homeownership dreams

There’s growing concern in the region from many experts who worry that the continued rise in rents will have a disastrous effect on the local economy.

“It’s not just the lower-income community that is most impacted. It’s a ripple effect and it’s affecting everybody across the spectrum,” said Linda Taylor, CEO of H.O.M.E.S in Broward County.

Already, South Florida has seen renters begin to leave the region for more affordable areas of the state, as wages aren’t keeping up with the pace of housing costs.

Wages increased by 6% over the past year in the South Florida area, according to statistics from the U.S. Bureau of Labor, while housing values have increased by at least 30%.

Some have even made the decision to leave the state entirely and head for areas where the cost of living is cheaper.

All in all, the housing crisis — both the spikes in rent and the skyrocketing real estate market — is contributing to a lack of faith in the ability to one day become a homeowner.

“What we are hearing over and over from families is that they are having to relocate because they can’t afford Broward County,” Taylor added. “We don’t seen an end to this [rental market].”

https://www.sun-sentinel.com/real-es...=5601651057652

[silverct9a]

I totally believe this report. Anecdotal, but in my neighborhood I’ve never seen a SFH rent for less than $4,000/month and that’s for the smallest floor plan homes.

I’m a local, but it’s starting to feel 60/40 with all the NY/NJ and California license plates around.

[2020's YouTube Vlog]

Area is booming.

Price of doing business.

[kidyankee764]

Originally Posted by silverct9a

I totally believe this report. Anecdotal, but in my neighborhood I’ve never seen a SFH rent for less than $4,000/month and that’s for the smallest floor plan homes.

I’m a local, but it’s starting to feel 60/40 with all the NY/NJ and California license plates around.

An acquaintance’s neighborhood 3/2 house in Boca, not on the water, just rented for $8,200.

[MOforthewin]

Originally Posted by kidyankee764

An acquaintance’s neighborhood 3/2 house in Boca, not on the water, just rented for $8,200.

LOL. Comical. $98,400 in just rent alone not including insurance and utilities I'm sure in a year.


Anyone who would rent this small house is these dumbest person ever financially. 100k a year in housing and can't afford to buy a house and put a down payment down??


If you can afford 100k in rent you can afford to buy a nice house for yourself.


This sounds like a good case to call into the Dave Ramsey show with. 8200 down the drain that could be used on your own house or condo. LMAO.


There are people who are good in their field and their career but are totally clueless on how to spend their cash. Like those sports players who go broke.

[gatorlyn]

Some of these people moving here really do have the cash, but not many years left on this earth

So they have gone all-in towards making the most of their remaining time

[MOforthewin]

Originally Posted by gatorlyn

Some of these people moving here really do have the cash, but not many years left on this earth

So they have gone all-in towards making the most of their remaining time

And drive 4mph too!

[Racer46]

Originally Posted by kidyankee764

An acquaintance’s neighborhood 3/2 house in Boca, not on the water, just rented for $8,200.

Maybe for one month. No one with any intelligence would pay that Monthly unless it was a very large mansion right on the beach. Oh and just because they were looking for a place to buy, but wanted to rent first.

Then they can find the multimillion dollar house they want and pay cash.

[kidyankee764]

Originally Posted by MOforthewin

LOL. Comical. $98,400 in just rent alone not including insurance and utilities I'm sure in a year.


Anyone who would rent this small house is these dumbest person ever financially. 100k a year in housing and can't afford to buy a house and put a down payment down??


If you can afford 100k in rent you can afford to buy a nice house for yourself.


This sounds like a good case to call into the Dave Ramsey show with. 8200 down the drain that could be used on your own house or condo. LMAO.


There are people who are good in their field and their career but are totally clueless on how to spend their cash. Like those sports players who go broke.

Agree, but if you look at similar home rentals in the area, it’s all the same. And people are snatching them up!

Keep in mind, these are people who are going to rent for a year or so, then buy that $4-5m house after being acquainted with the area.

[floridarebel]

How do people working retail service jobs get by? Do they live 20 to a room?