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Prospective home buyers, who are priced out of the booming housing market, are flocking to rentals as a flexible and more immediately affordable alternative. Unfortunately, prices are soaring there as well.
The average rent price of single-family homes in Miami-Dade County increased by 20% in July year-over-year. The average rental price for a single-family home in July 2020 was $4,536 and it jumped to $5,438 in July 2021.
Multiple factors are contributing to the rise. Many of those unable to buy homes are city residents who opted to rent in the suburbs during the pandemic, which has further driving demand for single-family homes. Additionally, many companies and those who work remotely have opted to relocate to Miami, creating a housing shortage.
Condo rents in Miami-Dade County also increased during the same period, although less dramatically. The average rent price of condos increased by 13% in July year-over-year. The average rent price was $3,634 in July 2020 and it jumped to $4,138 in July 2021.
Source: Southeast FL MLS
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