housing market

South Florida Rent Spike Now Highest in Nation

New data just released by Realtor.com revealed rent in South Florida rose about 50% compared to last year

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Whatever you’re paying in rent, it’s likely going up if it hasn’t already.

“We’ve seen an absolute surge of the rental market,” said David Siddons, Executive Director of Luxury Sales in Miami at Douglas Elliman. Siddons added the price is being driven up by people moving from the northeast and California.

“They’ve moved down in massive numbers,” he said. “Product is shrinking. It’s coming on the market and they’re getting snapped up.”

In a neighborhood like Brickell, a luxury two bedroom, two bath in 2020 would’ve gone for about $4,000 a month. Today, a similar unit like is upwards of $13,000.

“They’ve moved down here to live. It is not the second home market. This is a primary move, relocating their families and their businesses,” Siddons said.

New data just released by Realtor.com revealed rent in South Florida rose about 50% compared to last year, the most of anywhere in the nation. Median rent is now $2,800 a month.

Imani Simpson says rent on her studio apartment went from $1,500 a month to $2,300.

“I was hysterical! I was like can we talk it down," she said. "She went down 50 dollars.”

Akin Akdogan said his rent also went up on his three bedroom unit.

“I was paying $3,500, which is now $6,800,” he added.

Those who’ve lived here for years are now finding themselves looking elsewhere.

“It’s not like work is getting so much better,” said Tela Diaz. “I’ve been considering moving out of Miami because of it.”

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