Lawn Love released a report this week which shows some of the most expensive rental markets in the nation are in the Sunshine State.
“Renters are feeling the pain of the housing crisis, with record-breaking rental prices making it more difficult than ever to save for a home,” Lawn Love noted. “With median U.S. rent recently surpassing $2,000 a month, Lawn Love compared 185 rental markets to determine 2022’s Most Expensive Metro Areas to Rent. We considered average rent prices (including year-over-year change), renters insurance premiums, and the share of renters spending 30 percent or more of their income on rent and utilities. Considering the housing trends inflating rent — such as real estate companies flipping foreclosed houses to rent at exorbitant rates — we also factored in the number of Real Estate Investment Trusts (REITs).”
The New York-Newark-Jersey City market led the list, followed by two regions in the Sunshine State. The Miami-Fort Lauderdale-Pompano Beach placed second, with the Naples-Marco Island area right behind it in third. The North Port-Sarasota-Bradenton area placed eighth.
Other parts of Florida also ranked high. Cape Coral-Fort Myers stood in 12th and the Orlando-Kissimmee-Sanford area took 14th, followed by Port St. Lucie in 15th and the Tampa Bay market in 17th.
Gainesville placed 24th, the Deltona-Daytona Beach-Ormond Beach took 26th, with the Crestview-Fort Walton Beach-Destin market right behind it in 27th. Tallahassee was in 33rd, with the Palm Bay-Melbourne-Titusville area in 39th and the Lakeland-Winter Haven market in 41st. Jacksonville stood in 47th, and the Pensacola-Ferry Pass-Brent area cracked the top 50, placing 49th.
Lawn Love also released its “Most Affordable Metros to Rent” list, but no cities from Florida made the list.
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