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Study: 3 Fla. Metros in Top 10 for Highest Rent Increases

Over the past 7 quarters, Tampa-St. Pete had the nation’s second-highest rent increases (23.7%), with Jacksonville No. 3 (up 23%) and Broward County No. 9 (19.5%).

NEW YORK – Nationally, rents have increased, on average, more than 10% between the first quarter of 2020 and the third quarter of 2021 (21 months), according to data from RealPage Inc. analyzed by The Business Journals. Many metros, however, outpace that growth, including three in Florida that made it into the top 10 for rent increases over that time.

Many rental rates surged since the COVID-19 pandemic. Pent-up demand and relocations fueled increases in apartment rental rates, with some markets seeing more than a 20% growth over the past year. Housing analysts expect rental growth to continue to accelerate in the fourth quarter and into early 2022, but they do raise caution that the current pace of growth isn’t sustainable.

The Business Journal analyzed 50 metro areas tracked by RealPage to determine which areas are seeing faster-than-average rates of rental growth.

Top 10 U.S. metros for rental growth Q1 2020 to Q3 2021

  1. Phoenix-Mesa-Scottsdale, Ariz.
    Rental rate change since Q1 2020: 26.2%
    Q3 2021 rental rate: $1,527
  2. Tampa-St. Petersburg-Clearwater, Fla.
    Rental rate change since Q1 2020: 23.7%
    Q3 2021 rental rate: $1,556
  3. Jacksonville, Fla.
    Rental rate change since Q1 2020: 23%
    Q3 2021 rental rate: $1,353
  4. Riverside-San Bernardino-Ontario, Calif.
    Rental rate change since Q1 2020: 22.6%
    Q3 2021 rental rate: $1,950
  5. Las Vegas-Henderson-Paradise, Nev.
    Rental rate change since Q1 2020: 22.5%
    Q3 2021 rental rate: $1,366
  6. Salt Lake City-Ogden-Clearfield, Utah
    Rental rate change since Q1 2020: 19.8%
    Q3 2021 rental rate: $1,413
  7. Sacramento-Roseville-Arden-Arcade, Ga.
    Rental rate change since Q1 2020: 19.8%
    Q3 2021 rental rate: $1,821
  8. Atlanta-Sandy Springs-Roswell, Ga.
    Rental rate change since Q1 2020: 19.7%
    Q3 2021 rental rate: $1,522
  9. Fort Lauderdale-Pompano Beach-Deerfield, Fla.
    Rental rate change since Q1 2020: 19.5%
    Q3 2021 rental rate: $1,975
  10. Greensboro/Winston-Salem, N.C.
    Rental rate change since Q1 2020: 19.2%
    Q3 2021 rental rate: $1,043

Source: “Ranked: 30 Metros Where Apartment Rents Have Grown the Fastest Since Early 2020,” The Business Journals (Oct. 15, 2021)

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