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Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,411 posts, read 6,571,094 times
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10.2% was the national average increase, up from 2.6% the prior year…..federal stimulus monies, rent moratorium and WFH were all contributing factors to greater rent increases overall; add more space for the above average increases for the sunbelt cities in particular.
Quote:
Originally Posted by ShenardL
Yeah, the sunbelt isn't cheap anymore. I remember you could easily find $1200 rentals in Atlanta, now it's hard to find something under $2000.
Last edited by elchevere; 11-18-2021 at 02:43 PM..
10.2% was the national average increase, up from 2.6% the prior year…..federal stimulus monies, rent moratorium and WFH were all contributing factors to greater rent increases overall; add more space for the above average increases for the sunbelt cities in particular.
Maybe it's just me, but I'm not sure what they're reporting. They say that it's "single family rents" which I take to mean single family homes. They say that's nearly half of all housing which seems like a dubious claim for most urban areas. Then they appear to be averaging arbitrary "tiers" and not all rents at once.
It's hard to believe that the average Miami resident (or anywhere) could adsorb a 20% increase in rent year over year, so I don't know what they're getting at.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,411 posts, read 6,571,094 times
Reputation: 6691
I have heard many Miami residents who have gotten 25-30% increases….a lot of people from more expensive coastal states relocated here, bringing their higher (than Miami) paying jobs with them and raising the prices for everyone. Very little supply here at the moment as well. No rent controls here either.
Quote:
Originally Posted by 2Easy
Maybe it's just me, but I'm not sure what they're reporting. They say that it's "single family rents" which I take to mean single family homes. They say that's nearly half of all housing which seems like a dubious claim for most urban areas. Then they appear to be averaging arbitrary "tiers" and not all rents at once.
It's hard to believe that the average Miami resident (or anywhere) could adsorb a 20% increase in rent year over year, so I don't know what they're getting at.
I have heard many Miami residents who have gotten 25-30% increases….a lot of people from more expensive coastal states relocated here, bringing their higher (than Miami) paying jobs with them and raising the prices for everyone. Very little supply here at the moment as well. No rent controls here either.
Yeah, but this says that the median is 20%, so half the homes would have to go up more than that and half would be less. Many single family homes are rented by people that used to live there or bought the home as rental income and they don't always even raise rents every year. Some homes may have leases longer than a year. And yeah, people are moving there, but we're talking over the course of a year, not a decade. Certainly people didn't replace Miami residents en masse.
I have heard many Miami residents who have gotten 25-30% increases….a lot of people from more expensive coastal states relocated here, bringing their higher (than Miami) paying jobs with them and raising the prices for everyone. Very little supply here at the moment as well. No rent controls here either.
southeast FL is problematic because like California its land restricted nd so much new development has to be vertical which is more costly to build.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,411 posts, read 6,571,094 times
Reputation: 6691
I’m not saying people who moved here within the past year replaced all existing residents; rather newly arrived transplants ate up supply which drove up prices. Those who lived in the same property for years—loyal ones at that—did very well if they “only” got a 20% increase (yes, some got lower increases). Didn’t like it?—owner would tell them to move out and find someone else to rent to. In some instances people paid above asking price and/or 6 - 12 months up front to secure the property v someone else. If a property across the street raised prices 20-25% or more, other landlords took note (including landlords living abroad).
Not saying this is sustainable (highly doubt it) or a good thing, just commenting on what took place this past year. There’s a reason why Miami moved up and is now the #2 most expensive housing market in the country. Not ruling out a future bubble burst either. I tend to find a survey, such as this one, done by CoreLogic to be more reputable than one done by WalletHub.
The other conclusion I take from this is that with prices rising at such levels Miami attracted more than its share of out of town, WFH professionals with higher incomes. It wasn’t the local restaurant worker driving these increases.
Quote:
Originally Posted by 2Easy
Yeah, but this says that the median is 20%, so half the homes would have to go up more than that and half would be less. Many single family homes are rented by people that used to live there or bought the home as rental income and they don't always even raise rents every year. Some homes may have leases longer than a year. And yeah, people are moving there, but we're talking over the course of a year, not a decade. Certainly people didn't replace Miami residents en masse.
Last edited by elchevere; 11-19-2021 at 07:50 AM..
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