How Long Will Prolific Rent Growth Continue in Small South Florida Markets?
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Three small Florida beach towns continued to log rent growth at the fastest clip in the nation, though that trend is fading. In mid-2021, two small Florida beach towns emerged as the nation’s top rent growth leaders. Naples-Immokalee-Marco Island and North Port-Sarasota-Bradenton pushed into the national top 10 for annual effective asking rent growth, largely based on demand flowing into these markets. During the early days of the COVID-19 pandemic, remote workers sought out smaller, more affordable locales with more lifestyle options. By August 2021, this trend also placed Cape Coral-Fort Myers in the national top 10 for annual rent growth. By December 2021, this trio had firmly secured the top three rent growth spots nationwide – a position they have successfully maintained since. While these markets continue to reign for rent growth, that trend does seem to be easing a bit, as annual rent growth has softened to 32.5% in Naples, 32.1% in Cape Coral and 26.6% in North Port, according to data from RealPage Market Analytics. Those are still stellar performances, but it’s not likely these small markets can maintain their national lead for much longer.
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