Demand when measured by 12-month absorption has outpaced supply (12-month deliveries) in Florida's main metro areas, which means the Sunshine State's rent growth is likely to increase at a pace faster than the national rate.
This high rent growth and high demand relative to supply makes Florida the state with the highest share of renters that are cost-burdened, according to the National Association of Realtors. The combination of high rent growth and rising inflation is expected to further strain renter households as the cost of utilities rises.
According to NAR, Florida includes several metros experiencing rent growth of at least 20%, such as Naples (38%), Fort Myers (32%), Palm Beach (27%), Orlando (24%), Tampa (23%), Fort Lauderdale (23%), Port St. Lucie (22%), and Punta Gorda (20%).
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