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

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Daily Digest Miami

Rise in climate-related home buyouts could worsen housing inequality, Eurostars parent buys historic downtown Miami property: Daily digest

From left: Adam Rubin, Farin Milligan, Nicholas Chatman, Tim Elmes, Addison Ruff, Mike Herstik and Niki Michopoulos

Compass poaches Tim Elmes of Coldwell Banker

Charlie Kushner and Laurent Morali over Fort Lauderdale site (Credit: Google Maps)

Kushner goes to Broward, buying site near Fort Lauderdale train station

One Financial Plaza with Clay Hamlin III and Jay Shidler of Alliance HSP (Credit: Google Maps)

Alliance buys One Financial Plaza in downtown Fort Lauderdale

From left: Edward Romo, Ryan T. Shaw and Scott C. Sandelin and the property

Assemblage in downtown Fort Lauderdale selling for $12M

Fort Lauderdale site of planned Riverparc Square sells

Daily Digest Miami

Former Miami mayor Maurice Ferré dies, banks seek to revise Adam Neumann’s credit line: Daily digest