RentCafe creates a monthly rent report with data compiled from actual rents charged in the 250 largest U.S. cities. In its latest report, it found that nationwide rents rose 2 percent year-to-year – the lowest increase since 2010.
However, all Florida cities in the report came in higher than 2 percent, starting with Hollywood, Fla., at the top – an 8.5 percent year-to-year increase – and Miami at the bottom with 2.5 percent.
Select Florida cities – average rent – year-to-year increase
Hollywood – $1,422 – 8.5%
Fort Lauderdale – $1,853 – 6.5%
Orlando – $1,342 – 5.8%
Tampa – $1,260 – 5.5%
West Palm Beach – $1,397 – 5.1%
Gainesville – $1,191 – 4.9%
Jacksonville – $1,014 – 4.0%
Tallahassee – $1,185 – 3.3%
Miami – $1,623 – 2.5%
Other report highlights
Renter mega-hubs: Overall, prices in 16 out of the 20 cities with the largest numbers of rental apartments climbed faster than the national average. Orlando, Las Vegas, Denver, Los Angeles rents are between 4 percent and 6 percent more expensive than one year ago, while rents in Manhattan, Austin, DC, and Chicago are about the same as last May.
Large cities: Currently boasting the fastest growing rent in the U.S., Detroit surpasses Las Vegas. Brooklyn (-1.2 percent) leads the way in the top 5 slowest growing rents, while Baltimore also makes an appearance on this list (0.4 percent).
Mid-size cities: Stockton and Tampa see the highest rent increases, 5.6 percent and 5.5 percent respectively. Sacramento drops to third place for fastest growing rents, a tie with Kansas City, MO (4.9 percent). New Orleans is the only market where apartment prices dipped 1.5 percent Y-o-Y.
Small cities gain momentum as growth in jobs and population draws rent increases. The most significant rent boosts in May were witnessed in Midland (35.4 percent) and Odessa (35.8 percent), but also in Yonkers (12.9 percent), Reno (10.7 percent) and Hollywood, Fla. (8.5 percent).
© 2018 Florida Realtors®