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Rent Growth Surges in Parts of South Florida

Rent Growth Surges in Parts of South Florida

Two of the three major South Florida apartment markets saw rent growth surge in January. When the nation turned to rent cuts in May 2020 in response to the COVID-19 pandemic, all three major South Florida markets followed that pattern. But the decline in West Palm Beach was much more reserved, and price positioning in this market made it back into positive territory by August. As of January 2021, effective asking rents were up 2% annually in West Palm Beach, boosted by a 1.1% increase just in the first month of the year. It took nearby Fort Lauderdale a little more time to recover. After ending 2020 at a break-even point, this market saw annual price increases return in January 2021, when rents were up 1%. Fueling this growth was a surge specifically between December and January, when prices in Fort Lauderdale came up by 1.3%, the biggest monthly increase among the nation’s largest 50 apartment markets. The recent pricing performance was a bit different in Miami. This market saw the steepest decline in the region during the worst of the pandemic and pricing hasn’t managed to get back onto positive footing just yet. As of January, Miami rental rates were still down by 2% year-over-year.