Florida Rents Now Among Highest in U.S.
Despite having enjoyed decades as a “low cost-of-living” state, Florida now has the 9th highest median rent in the U.S. A recent analysis found that our state has a median rent estimate of $1,561, compared to the national median of $1,435. Manatee has been one of several counties hit hardest by the jump in housing costs, an unfortunate event that will bring many negative economic impacts to our community.
The nationwide analysis was done by Stessa, a real estate investment tracking firm. It found that while sale prices for single-family homes began to accelerate rapidly in the second half of 2020, rents were relatively stable throughout 2020, as COVID relief and eviction moratoriums helped keep renters in place. In 2021, however, rents began to see sharp increases, with the median rent rising from $1,601 at the beginning of the year to $1,856 at the beginning of 2022, according to data from Zillow.
Inflation…