High Demand for South Florida Rentals Drives Prices To National Highs
Fort Lauderdale and Miramar are Florida’s most expensive rental markets, survey says
A lack of supply in South Florida is driving rent prices well above the national average, a new study finds conducted by RentCafe.com.
The average rental cost in the USA for over 250 cities surveyed is around $1,436 with the Fort Lauderdale average eclipsing it at around $1,933.
“It is just an overall shortage of supply,” said Ken Johnson, real estate economist at Florida Atlantic University. “We never made up the gulf between the last housing cycle’s peak where nothing was built for eight, nine or 10 years.”
That’s probably about to change however, with more development underway in 2019 for new Fort Lauderdale apartments than the past few years combined, as we’ve previously written about.