Moving to Florida? Get ready to pay up

As more people flock to Florida cities, the average cost of rent is skyrocketing.

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.

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