Moving to Florida? Get ready to pay up

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.