THE MOST WIDELY CIRCULATED CARIBBEAN AMERICAN NEWSPAPER IN FLORIDA
THURSDAY SEPTEMBER 22, 2022
CNWEEKLYNEWS.COM
Overpriced Florida most overvalued rental market in the U.S.
TOP STORIES
By Patrick Green
W
hen Jamaican Shaneeka Robinson jumped on the early Jet Blue flight from New York to South Florida in June, she expected a smooth transition into her onebedroom rental in Fort Lauderdale. She was running from the hustle and bustle in search of a better work-life balance. When she reached however, it wasn't what she had expected. “The place looked good, but there was no running water in the apartment. My landlord said he couldn't rent the property anymore and that it would take weeks to fix the issue.” With that disappointment, Shaneeka rented an Airbnb room, hoping to find something soon. Two weeks later, she got a room in someone's home for $800.00 in Plantation. It's now September, and the 27-year-old is still in the one-bedroom unit, trying to find an affordable home to rent. Shaneeka's story of finding affordable rentals in South Florida is not unique. The cost of rental properties in the region has gone through the roof. Earlier this year, real estate economist Ken Johnson told ABC News that “Miami metro, which is all the way up through Palm Beach County, is pricing out at roughly 30 percent above this longterm pricing trip. Rental markets in Miami are roughly 22 percent above their long-term premium. That makes that the most overpriced market in the country.” In May, Bloomberg reported the findings of researchers at Florida Atlantic University (FAU) and Florida Gulf Coast University, which stated that “South Florida is the most overvalued rental market in the U.S.” The report said renters are “paying 22% more than they should.” And according to WPTV, Realtor.com reported last year that “the Miami-Fort Lauderdale-West Palm Beach area is the third fastest-growing rental market in the country among metro areas.”
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South Florida is the most overvalued rental market in the U.S. – Bloomberg
Current Rental Markets Above Long Term Premium
22
%
MIAMI
30
%
continues on B2 Overpriced
BROWARD
25
%
PALM BEACH
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