According to the Consumer Price Index, rents went up nationally by 3.8% on average in 2021.
But some cities saw rent pop much more than that.
Of the 10 cities with the highest average rent increase, 6 are in Florida — and Miami isn’t even on the list.
So why the rising rates?
According to Axios, a few factors are working together:
- The increase in remote work during the pandemic has pushed workers to warmer climates (e.g., Florida, Texas, Arizona)
- With more demand, home prices are on the rise
- Due to higher home prices, some residents are choosing to rent instead
And with Florida specifically, the problem is exacerbated by the state’s popularity among retirees.
In other words — it’s a classic case of supply and demand, with a healthy dose of bingo and water aerobics sprinkled in.
Get the 5-minute roundup you’ll actually read in your inbox
Business and tech news in 5 minutes or less