TAMPA, Fla. — December marked the sixth month in a row that saw rent prices rising by double-digits for homes and the epicenter of the largest increases was the Sunshine State.
According to the Realtor.com analysis, Miami/Fort Lauderdale/West Palm Beach, Tampa/St. Pete/Clearwater, and Orlando/Kissimmee/Sanford were the top 3 markets in the nation for the largest rental increases.
The Miami area median jumped by 49.8 percent to $2,850 a month in December 2021. The Tampa area was close behind with median rents hitting $2,038, a year-over-year increase of 35 percent. Finally, the Orlando area saw median rent increase by 34.1 percent to settle at $1,807 a month.
Nationally, the median rent for a two-bedroom home has risen by 19.1 percent, or $320, since December 2020 and was 23.9% higher ($387) higher than in December 2019. The national median for one-bedroom units hit $1,651 in December, 19.3 percent higher year-over-year ($267) and 20 percent higher ($275) compared to December 2019.
Not to be left behind, studio apartment rentals saw the median rent hit $1,462 in December. That was an 18.6 percent rise ($230) in prices year-over-year for a studio apartment.
Overall in 2021, the Tampa metro area ranked number two in the nation for fastest rent growth at 25.6 percent, just behind number one, Riverside, California. The year-over-year growth rate in rent prices in 2021 was 10.1 percent nationally, Realtor.com reported.
While the numbers were bad across the board for 2021, Realtor.com said prices may have plateaued in December. Rent growth in 2022, according to Realtor.com, is expected to be around 7.1 percent, just slightly lower than the 2021 rate.