June Rental Prices Broke Records in 44 Cities

Realtor.com rental listing costs were up 8.1% year-to-year in June, and two Fla. metros ranked in the top 10 for increases: Tampa-St. Pete, up 21.2%, and Jacksonville, up 14.4%. Overall, two-bedroom units saw the largest increase, 10.2%, as demand for a larger living space continues.

CHICAGO – The home listing shortage has forced more buyers to rent, and that has boosted rental demand and, as a result, rental prices. Nationwide, the U.S. median rental price in June jumped 8.1% year-to-year, reaching $1,575, according to prices from realtor.com’s website.

The specific asking price for two-bedroom units rose even more as demand spiked. Those saw a 10.2% increase in rental prices year-to-year as consumers’ demand for more space remained high.

Two Florida markets made the top 10 list for rent increases: Tampa ranked third with year-to-year rent increases of 21.1%, and Jacksonville was No. 10 with increases of 14.4%.

Florida metro area rent increases for June, according to realtor.com

Jacksonville: $1,310 average rent, up 4% month-to-month and 14.4% year-to-year
Miami-Fort Lauderdale-West Palm Beach: $2,153, up 7.7% month-to-month and 13.3% year-to-year
Orlando-Kissimmee: $1,500, up 3.9% month-to-month and 13.1% year-to-year
Tampa-St. Petersburg-Clearwater: $1,605, up 5.6% month-to-month and 21.1% year-to-year

Rental prices in 44 of the largest 55 metros broke records last month. The largest gains were recorded in Riverside, Calif.; Tampa; and Phoenix, which all posted increases above 20% year-over-year, realtor.com reports.

“The surge we’re seeing in rental prices is likely to exacerbate the K-shaped or uneven, nature of the pandemic recovery in the U.S.,” says Danielle Hale, realtor.com’s chief economist. “Rents are rising at a faster pace than income, which is adding to the challenges faced by lower-income Americans as they struggle to recover from job losses and other hardships brought about by COVID.”

According to Hale, rental prices aren’t likely to ease unless there is a shift – either a higher number of rentals or a greater number of homes listed for sale.

The Pagani Group,

Luxury Real Estate Consultant,

Direct Cell: +1-305-767-5919

E-mail: Isabel@ThePaganiGroup.com

Exclusive Agent for LP Global Realty

2501 South Ocean Dr. Suite C-14

Hollywood FL 33019

Source: realtor.com

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