Aug 30, 2022 - Real Estate

Rents still rising in Miami — but not as wildly

An illustration of a call box for apartments.
Illustration: Brendan Lynch/Axios

The worst rent hikes appear to have passed, but prices are still rising, leaving tenants across the country facing "a prolonged period of unaffordable rental prices," according to Florida Atlantic University economist Ken H. Johnson.

By the numbers: Johnson and two other professors analyze rental rates each month. In their most recent analysis released Monday, they found that:

  • In July, average rent nationwide jumped 13.2% year-over-year to $2,031.
  • Fort Myers and Miami led the nation with the largest year-over-year rent increases at 25.2% and 24.6%, respectively. In Miami, average rent costs $2,841.

The intrigue: The professors pointed out that over the past six months, Fort Myers' average rent rose "only" 7%, while Miami’s average rose 8.4%.

  • Traditionally, rents rise 3-5% per year, they said.

What they're saying: Johnson said in a statement that annual rent growth in Fort Myers and Miami is "coming back in line with traditional increases, so renters renewing leases aren't as overwhelmed as they were last year."

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