Eight of the top 10 markets with the biggest year-over-year rent increases are in Florida, with rents on the state's west coast posting some of the highest increases.
That's according to an analysis of 107 rental markets by researchers at Florida Atlantic University, Florida Gulf Coast University and the University of Alabama, who say Florida has developed a severe affordability problem. The average rent in Fort Myers was $2,073 in April, up a whopping 32% year over year. That's also the nation's largest rent increase.
"For some people, renting was the only way they could afford to live in Florida, and now that's becoming a burden, too," said Ken. H. Johnson, Ph.D., an economist in FAU's College of Business. "I think you'll see more renters take on roommates and cut back on eating out because it's either that or they won't be able to pay the rent."
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