Miami, apartment rents have increased by 21% in the past 12 months

National real estate agent Redfin reports that average monthly home rents have increased by 21% nationwide in the past year and by 7% in one month. These are the highest annual and monthly growth rates for at least two years for Redfin’s rental data.

National median monthly mortgage payments for homebuyers have increased at about the same rate per year – 20% – but have only increased by 1% since October. Rising housing costs are a significant contributor to headline inflation, which hit 6.8% in November, the highest level since 1982.

“For the first time, inflation has come to the housing market and inflation is coming to the rental market,” said Daryl Fairweather, chief economist at Redfin. “Many people are excluded from the sales market and want to rent instead, but this demand drives up rents. Anyone who bought a home before this year can congratulate themselves that their mortgage payments are frozen, meaning their most recurring costs are protected from inflation. If you are looking to buy or rent now, there is no place to hide from housing cost inflation. The good news is that now is a good time to enter the rigid job market. Plus, there’s a good chance you can quickly find a new job anywhere.

In 19 of the 50 largest metropolitan areas in the United States, rental increases outstripped mortgage rate hikes for new home buyers in November.

In many large metropolitan areas, rents have increased by more than 30%

The 10 metropolitan areas with the highest rental increases – 28% or more from the previous year – were almost exclusively in Florida and New York. The exception is Austin, TX, where rents have increased by 30%.

The top 10 cities with the highest rents year over the year include:

1. Miami, Florida (35%)

2. Fort Lauderdale, Florida (35%)

3. West Palm Beach, Florida (35%)

4. New York, NY (34%)

5. Newark, New Jersey (34%)

6. Nassau County, New York (34%)

7. New Brunswick, New Jersey (34%)

8. Jacksonville, Florida (33%)

9. Austin, Texas (30%)

10. Tampa, Florida (28%)

He’s in Kansas City and St. A Louis whose rents have fallen year after year:

1. Kansas City, Missouri (-2.3%)

2. Saint-Louis, Missouri (-0.3%)

Only two metropolitan areas recorded lower rents in November than last year: Kansas City, MO, rents fell 2% and St. Louis, MO, fell less than 1%.

Translate »