The Real Deal Miami

Residential rents set to rise nearly 20 percent in next five years

March 08, 2013 11:00AM

Rents are slated to rise

Rents at South Florida apartment will rise a predicted 17 percent over the next five years as a lack of inventory leaves landlords with the upper hand, the Sun Sentinel reported.

Broward County’s average rent hit a record $1,203 at the end of 2012 and Palm Beach County’s average was $1,154, just under the record, set in 2006, according to a report from CBRE.

“The long and short of it is that supply is not keeping up with demand right now,” Calum Weaver, a broker with CBRE in Broward, told the Sentinel. [Sun Sentinel] –Guelda Voien