MIAMI.- The average rental price in Miami in June fell by 3.8%, driven by the large supply of newly built units, according to a report by the real estate agency Redfin
Many apartments were built in Florida during the pandemic-related moving frenzy. Now, many landlords are lowering prices to compete for tenants, according to a study published by Florida Realtor.
“It’s a great time to shop for bargains if you’re a renter in Florida,” said Sheharyar Bokhari, an economist at Redfin.
“With so much supply on the market, renters can get concessions like free parking or discounted rents. But Florida renters should be aware that landlords are dealing with rising homeowners insurance costs.”
The flip side is that there has been increased demand from young renters, many of whom are choosing to remain renting rather than face an increasingly unaffordable buying market, which is balancing prices in this market and, in some parts of the country, increasing them.
The study found that rental prices fell in other Florida cities such as Jacksonville by 12.4%, Tampa by 6%, and Orlando by 4.8%.
While construction has slowed in many parts of Florida, the state’s metropolitan areas continue to top the list of largest grantors of building permits in the country, the study says.
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