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2018 Rent Spike in Fort Lauderdale

System - Thursday, August 9, 2018

In such a vibrant and thriving city like Fort Lauderdale, the demand for housing is high.  Your wallet may take a hit if you are looking to rent in Fort Lauderdale this year.  Apartment prices are rising in South Florida, especially in the Fort Lauderdale area.  

If you are looking to rent an apartment or renew your lease, our property management team will help you navigate this process.  At Mayfair, we are here for you every step of the way to help you find the right space to live at a price you can afford.

It was reported in April that the average price of an apartment in Fort Lauderdale rose by 5.9% percent in March 2018 as compared to the last year.  A national apartment searching website, RENTCafe.com, reported that the average rental price rose to $1,858.  However, currently (August 2018) the site is reporting the average rent price to be $1,677. 

From March 2017 to March 2018, the West Palm Beach-Boca Raton market saw a big rent spike as well.  Rents in that area went up by 4.8%, and the average rent price is $1,370.  Miami-Dade County also experienced an increase in apartment rental prices by 2.9%.  The average rent price for an apartment in Miami-Dade County is currently $1,641.  This is less than Fort Lauderdale.

If we look at the national average, the price to rent an apartment is $1,371.  This is a 2.5% increase from last year.  According to the data, Manhattan took first place as the most pricey market.  The average rental price in Manhattan is $4,066.  

Orlando was listed among other cities across the country as a place where rents are among the top ten fastest rising in the nation.  The rental prices in Orlando are reported to be growing at a rate of %7.8 percent each year.  The current average rental price is $1,340.  If you are looking to rent an apartment around Disney World, I would suggest acting now or your happily ever after is going to cost your bank account to get caught in the weeds of the Enchanted Forest.

In the national report, researchers looked at rent data from 250 cities across the entire United States.  Researchers focused their attention on buildings with 50 or more units.  The report chose cities with populations that are more than 100,000 and looked at the rental stock of at least 2,900 apartments.  This data comes from a business development and property management tool for brokers and others in the real estate industry called Yardi Matrix.

The survey by Yardi Matrix concluded that out of the 250 surveyed cities, 86% saw their rents increase year after year.  In 12% of the cities, the rents remained the same.  More startling, is that in only 2% of the cities was there a decline in apartment rental prices from March 2017 to 2018.

Ken Johnson, a real estate economist at Florida Atlantic University, spoke to the Sun Sentinel about this data.  He told them that “a couple of things are going on,” and attributed the