Miami and Fort Lauderdale lead in October rent increases
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Rents in most of the 100 largest U.S. cities fell or stagnated between October and November, with the exception of Miami and Fort Lauderdale, according to a recent report from San Francisco-based real estate search engine Zumper.
In Miami, the median rent for aone-bedroom apartment increased by 6% between October and November, reaching $2,660. The median rent for a two-bedroom apartment in Fort Lauderdale increased by the same amount, reaching $2,120.
Only two cities among the 100 surveyed showed a larger increase: Baltimore and Akron, Ohio. In Baltimore, the median rent rose 6.2 percent to $1,380 in November. In Akron, the median rent also increased by 6.2 percent to $690 per month, but this is due in part to the fact that it is the lowest median rent in the entire ranking.
Miami recorded the fourth highest rent among the 100 cities, and Fort Lauderdale the tenth. No other Southeast Florida municipalities, such as West Palm Beach, were unfortunately included in the report.
Most other major U.S. cities saw their median rents for two-bedroom apartments fall. New York, for example, had the highest rent in the rankings in November, at $3,790, but down 1.8 percent from the previous month. Boston rents fell 2% to $3,000. San Francisco and San Jose saw rents fall 0.7% and 2.3%, respectively, to $3,000 and $2,540.
In Florida, some cities such as Tampa and St. Petersburg are experiencing rental decreases, while others such as Jacksonville, Orlando and Tallahassee are experiencing moderate increases.
According to Zumper CEO Anthemos Georgiades, recession fears are behind the rent declines in the cities in the ranking.
"We've seen unprecedented increases over the past two years, from a growing economy, historically low interest rates, strong rental demand, and a housing shortage caused by a slowdown in the construction industry and disruptions in supply chains," he explained. "But now, with inflation and interest rates rising, Americans are making important economic decisions. New home formation is down and calming demand."
Source: South Florida Business Journal, Zumper
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