Not only are homebuyers struggling to find affordable homes, but renters across the country are also facing rising rent prices, none more so than in Florida.
The Sunshine State has seen a massive population growth since the pandemic began and, unfortunately for people looking to rent a home in Florida, three of its cities ranked in the top three for rent increases across major US metropolitan areas.
According to Money, a new report from Realtor.com took a look at cities where median rent prices have increased over the past year. The list accounts for studios through two-bedroom rental properties.
Realtor.com reports that Sun Belt metro areas continued to see the most rapid year-over-year growth with Miami being the fastest-growing metro area. Miami’s median rent increased by a whopping 55.3 percent year-over-year.
According to Money, these are Realtor.com’s top cities where rent prices have increased the most over the last year:
1. Miami, Florida – 55.3%
2. Orlando, Florida – 35.4%
3. Tampa, Florida – 32.3%
4. Austin, Texas – 28.1%
5. San Diego, California – 25.4%
6. Las Vegas, Nevada – 25.1%
7. Phoenix, Arizona – 25%
8. Jacksonville, Florida – 24.9%
9. San Antonio, Texas – 24.2%
10. Memphis, Tennessee – 23.4%