Rental Prices are Up Nationwide

Rental prices have increased across the 50 largest metro areas in the United States, according to an article in South Florida Agent Magazine. Case in point: "In September (of 2021), median rents in the 50 largest metro areas in the U.S. jumped 13.6% compared to the same month last year, according to a monthly rental report from Realtor.com." That is a big jump, and we are definitely feeling it locally. I have seen bidding wars for rentals in Coconut Grove, Coral Gables, Palmetto Bay, and Pinecrest, and it does not look like these will stop any time soon because there is hardly any rental inventory on the market. In fact, many people who had held investment properties that they regularly rented have begun to list them for sale. I cannot say I blame them: why not take advantage of such a hot sellers' market?

The article continues on to say that the surge in rental prices is a sign of the economy bouncing back from the Covid-19 pandemic. During those locked-down days, many people decided to move out of urban zones for more space, better affordability, proximity to family, etc. The fact that they are moving back to metropolitan areas shows that there is a movement back to cities and back to in-person work. This is a wonderful sign for the economy, but it sure does not make finding an affordable rental very easy, particularly in Miami where, according to the article, we have seen a 31.6% increase in prices. If you are looking for a rental, be patient. If you have a property to rent, then let’s list it right now – you will not regret it!

Click Here to read the full article from South Florida Agent Magazine.