Market Highlight: Prices Continue to Rise in an Already Competitive Rental Market
Prices continue to rise in an already competitive rental market
The sunny weather and pristine beaches have always drawn newcomers to Florida, but now, newcomers have a bigger budget compared to long-time Florida residents. The online marketplace for apartment listings, Apartment List, has published a report stating that people moving to SWFL from other parts of the country have monthly budgets that are roughly $300 higher than local renters.
Added pressure to this tight rental market comes from the flexibility of the changing workforce landscape with remote work opportunities. More affluent renters are finding themselves in the SWFL area which results in the local rental prices being driven up. Renters are also finding themselves living in rentals longer than usual as a result of the shortage of houses on the market.
According to RentCafe, a market trends site, the average rent for an apartment in Fort Myers is now $1,454, which is a 12% increase compared to the previous year.