BOCA RATON, Fla. – Another dismal distinction for the Sunshine State is that eight of the most expensive rental markets in the country are right here in Florida.
According to a joint study by Florida Atlantic University, Florida Gulf Coast University and the University of Alabama, renters in Fort Myers have been hit particularly hard.
The average rent there in April was $2,073, up 32.38 percent from April 2021, which is the nation’s largest increase.
In terms of the largest premium paid by renters, Metro Miami, which includes Miami-Dade, Broward and Palm Beach counties, remains the most overvalued market.
The average monthly rent climbed to $2,846 even though historical leasing figures indicate the average should be $2,331, more than $500 less.
Dr. Ken Johnson, an economist with FAU’s College of Business, said the high cost will force many renters to take on a roommate and forgo simple pleasures, like eating out.