TAMPA, Fla. — Only three metro areas in the United States posted year-over-year rent increases of at least 30%, and for anyone who has shopped for a rental property in Florida lately, those three areas won't be a shock.
According to Realtor.com, the three metro areas showing the highest year-over-year rent increases in the nation in March were Miami-Fort Lauderdale, Orlando, and Tampa-St. Petersburg.
The Miami-Fort Lauderdale-West Palm Beach market posted the largest year-over-year average rent increase at 57.2%. Overall, average rent in Miami stood at $2,988 a month, Realtor.com reported. Orlando was second in the nation with a 35% jump in a year with overall average rent hitting $1,886 a month.
In the Tampa-St. Petersburg-Clearwater metro area, year-over-year rent jumped 31.1%, third in the nation overall. Realtor.com found the average rent in Tampa now stands at $2,114.
Breaking the numbers down further, Realtor.com found the average price of a one-bedroom apartment in Tampa rose 31.4% to $1,876, while two-bedroom apartments in Tampa jumped 29.8% to $2,358.
Across the three Florida metros showing the largest percentage growth in rent prices over the last year, the overall average price for a two-bedroom apartment now stands at $2,634 a month.