Rents are Increasing Faster than Inflation

Dated: August 18 2022

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A recent study by Florida Realtors found that Jacksonville’s rents rose only 3.6% year

to-year in July, but they were up 17.8% in three S. Florida counties. Nationally, rents were up 13.5% year-to-year.

It has been found that in the US landlords’ “asking rents” were up 14% year-over-year to an average of $2,032 in July, according to a report from Redfin – the smallest annual increase since November and down from June (15%) and May (16%).

“Big rent hikes may finally be coming to an end as landlords adjust to waning tenant budgets that are being strained by the rising cost of groceries, gas and other regular expenses,” says Redfin Chief Economist Daryl Fairweather.

Florida Realtors find that “Still, rents are increasing faster than overall inflation, which has started to ease. We expect rental growth to continue to slow, but markets with strong job growth and limited new housing construction, like New York and Seattle, will likely continue to experience large rent increases."

Florida market year-over-year rent increases

  1. Jacksonville: 3.6% (median $1,661 in July 2022)
  2. Tampa: 12.2% ($2,227)
  3. Orlando: 14.1% ($2,164)
  4. Fort Lauderdale: 17.8% ($3,068)
  5. Miami: 17.8% ($3,068)
  6. West Palm Beach: 17.8% ($3,068)

Asking rents rose 31% year over year in Cincinnati, the largest jump among the 50 most populous U.S. metropolitan areas, though down from 39% the month before.

10 metros with the fastest-rising year-over-year rents

  1. Cincinnati: 31%
  2. Nashville: 26%
  3. Pittsburgh: 24%
  4. New York: 23%
  5. Newark: 23%
  6. Nassau County: 23%
  7. New Brunswick, New Jersey: 23%
  8. Seattle: 22%
  9. Indianapolis: 21%
  10. San Antonio: 21%

© 2022 Florida Realtors®

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Michael J Kanik, PA

Michael J. Kanik is a professional full-time Realtor®. Specializing in the Florida Keys, Michael represents both buyers and sellers on a day-to-day basis. With enthusiasm and ambition, Michael is ....

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