Fort Lauderdale sees biggest annual rent growth in Florida: report

Average rents rose 6.6 percent to $1,820 a month

Dec.December 13, 2017 01:30 PM

Fort Lauderdale Skyline (Credit: Wikimedia Commons, Max Pixel)

Rents in Miami are notoriously high, but its sister city to the north actually experienced more rent growth over the past year, a new report shows.

Average apartment rents in Fort Lauderdale jumped 6.6 percent year-over-year, marking the biggest annual increase in Florida, according to RentCafe’s November report. Fort Lauderdale renters can now expect to pay about $1,820 a month for an apartment.

The growth makes sense given the amount of development both underway and recently completed in the city’s downtown and at nearby beaches. At Icon Las Olas in downtown Fort Lauderdale, which the Related Group completed this year, monthly rents ranged from $2,500 to as high as $7,000 as of May.

Other South Florida cities to experience rent hikes since last year include West Palm Beach, where the average cost of an apartment increased 5.5 percent to about $1,340 a month; Pompano Beach, where rents rose 4.7 percent to $1,334 a month; and Hialeah, where rents were up 4 percent to $1,263 a month.

Across the country, Manhattan, San Francisco and Boston reported the highest average rents in November at $4,089, $3,432 and $3,262, respectively.

Odessa and Midland, both in West Texas, experienced the biggest annual growth in average rents in the U.S. In Odessa rents soard 33.2 percent to $1,111 a month, and in Midland they increased 25.6 percent to $1,274 a month, according to the report.

Related Articles

22 Isla Bahia Drive and Steven Romaniello

Harbor Beach home sells for $8 million

Niki Higgins of Douglas Elliman and 220 North Compass Drive (Credit: Douglas Elliman and Trulia)

Fort Lauderdale mansion with stock trading room sells for $12M

Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Alan Hooper and 516 Northwest 1st Avenue (Credit: Google Maps)

FATVillage developer buys missing piece for mixed-use project

Bridge Development Partners partner Southeast Region Kevin Carroll and 3233-3303 Southwest 12th Avenue Fort Lauderdale

Bridge Development sells Fort Lauderdale warehouses for $28M

2300 Aqua Vista Boulevard (Credit: Realtor)

Crane mogul drops $12M on waterfront Fort Lauderdale mansion

400 Northeast Third Avenue, Morgan Group CEO (Credit: Google Maps)

TA Realty drops $112M on apartments in Flagler Village

Matthew Rieger and a rendering of Village View

HTG scores financing for Fort Lauderdale senior affordable housing