Rising Apartment Rental Prices in Fort Lauderdale: What You Need to Know

High Demand for Housing in Fort Lauderdale

Fort Lauderdale, known for its vibrant lifestyle and thriving community, is experiencing a significant rise in apartment rental prices. As the demand for housing increases, prospective renters may find their wallets taking a hit. Apartment prices are on the rise across South Florida, especially in the Fort Lauderdale area.

Navigating the Rental Market with Mayfair Property Management

If you are looking to rent an apartment or renew your lease, Mayfair Property Management is here to help you navigate this process. Our team is dedicated to assisting you every step of the way, ensuring you find the right living space at a price you can afford.

Recent Trends in Fort Lauderdale Apartment Prices

In April 2018, it was reported that the average price of an apartment in Fort Lauderdale rose by 5.9% compared to the previous year. According to RENTCafe.com, the average rental price increased to $1,858. However, as of August 2018, the site reports the average rent price to be $1,677.

Comparative Rental Price Increases in South Florida

The West Palm Beach-Boca Raton market also experienced a significant rent spike from March 2017 to March 2018, with rents increasing by 4.8% to an average of $1,370. Similarly, Miami-Dade County saw a 2.9% rise in apartment rental prices, with the average rent currently at $1,641, slightly less than in Fort Lauderdale.

National Apartment Rental Price Averages

Nationally, the average rent for an apartment is $1,371, marking a 2.5% increase from the previous year. Manhattan continues to hold the title of the most expensive rental market, with an average rental price of $4,066.

Orlando: A Fast-Growing Rental Market

Orlando has been listed among the top ten cities in the nation for the fastest rising rental prices. Rental prices in Orlando are growing at a rate of 7.8% per year, with the current average rental price at $1,340. Prospective renters looking to live near Disney World should act quickly to secure a lease before prices climb even higher.

Nationwide Rental Data Insights

The national rental report analyzed data from 250 cities across the United States, focusing on buildings with 50 or more units in cities with populations over 100,000. The data, sourced from Yardi Matrix, a business development and property management tool, provides valuable insights for brokers and real estate professionals.

Key Findings from Yardi Matrix Survey

According to the Yardi Matrix survey, 86% of the 250 surveyed cities saw year-over-year rent increases, 12% saw no change, and only 2% experienced a decline in apartment rental prices from March 2017 to 2018.

Expert Insights on Rental Price Increases

Ken Johnson, a real estate economist at Florida Atlantic University, discussed these findings with the Sun Sentinel. He attributed the rising rental prices to several factors impacting the market.

Conclusion

The rental market in Fort Lauderdale and surrounding areas is experiencing notable increases in apartment prices. If you are looking to rent in this competitive market, consider partnering with Mayfair Property Management for expert guidance and support. Stay informed about rental trends and make informed decisions to secure the best possible living arrangements.

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