The cost of rent has skyrocketed since the COVID-19 pandemic as previous rental homes were sold to capture the large price appreciation. This has caused a serious shortage in rental homes, and we have since seen large rent increases in almost every city nationwide. Southeast Florida has been hit severely with major rent increases that have caused financial stress for many.
Airdeed Homes ranked 26 Southeast Florida cities with the highest rent increases since the pandemic using data from Apartment List. The analysis is calculated using fully-representative median rent data for recent movers taken from the Census Bureau’s American Community Survey. Then calculated forward to the current month using a growth rate determined from real-time leases on their website.
The 25 cities ranged from a high of 46% to a low of 25% increase from pre-pandemic rent prices. This change within a few years shows how the pandemic reset the housing market for buyers and renters alike.
The overall percentage of change in rent prices varies from city to city. In some cities, rents may decrease due to an increase in vacancy rate or a decrease in demand. These would include cities like Oakland and San Francisco, CA. Both have decreased rental prices by over 10% compared to pre-pandemic levels. In other cities, rents may be rising due to population growth or an increase in wages.
With the population migration to Florida during the past few years, the state hasn’t seen any cities have a decrease in rent prices since the pandemic started. Florida has eight cities in the top 10 for rent change since the pandemic’s start, and the Miami Metro has 3 of those 8.
In February 2023, national median rent grew about 0.026%, the first time since August 2022 that month-to-month rental prices increased. Year over Year growth is still around 3%, showing a normal past 12-month trend overall.
South Florida Major Cities
+ 34% Since the Start of the Pandemic
+ 2.95% Year Over Year Change
+ 46% Since the Start of the Pandemic
+ 0.73% Year Over Year Change
West Palm Beach, FL
+ 41% Since the Start of the Pandemic
– 1.27% Year Over Year Change
Fort Lauderdale, FL
+ 25% Since the Start of the Pandemic
– 0.74% Year Over Year Change
Boca Raton, FL
+ 32% Since the Start of the Pandemic
– 0.07% Year Over Year Change
Full South Florida Chart
|City||YOY Change||Pandemic Change|
|Aventura, FL||+ 0.73%||+ 46%|
|Lake Worth, FL||+ 0.96%||+ 46%|
|Coconut Creek, FL||+ 2.68%||+ 44%|
|Wellington, FL||+ 2.43%||+ 43%|
|West Palm Beach, FL||– 1.27%||+ 41%|
|Coral Springs, FL||+ 1.32%||+ 40%|
|Pembroke Pines, FL||+ 1.32%||+ 38%|
|Miramar, FL||+ 1.97%||+ 38%|
|Dania Beach, FL||+ 9.78%||+ 38%|
|Davie, FL||+ 1.08%||+ 38%|
|Hialeah, FL||+ 4.53%||+ 38%|
|Delray Beach, FL||+ 0.47%||+ 37%|
|Boynton Beach, FL||– 0.87%||+ 37%|
|Weston, FL||+ 1.43%||+ 37%|
|Plantation, FL||+ 0.76%||+ 36%|
|Deerfield Beach, FL||– 0.10%||+ 35%|
|Doral, FL||– 0.28%||+ 34%|
|Hollywood, FL||+ 0.30%||+ 34%|
|Sunrise, FL||+ 2.33%||+ 34%|
|Miami, FL||+ 2.95%||+ 34%|
|Pompano Beach, FL||+ 3.42%||+ 33%|
|Palm Beach Gardens, FL||– 3.34%||+ 32%|
|Boca Raton, FL||– 0.07%||+ 32%|
|North Miami, FL||– 2.93%||+ 28%|
|North Miami Beach, FL||+ 0.70%||+ 28%|
|Fort Lauderdale, FL||– 0.74%||+ 25%|