Fort Lauderdale Rents are Increasing Quickly. Is it Time to Buy?
Rents across the United States have been increasing over the years to a point where it can sometimes be cheaper to purchase given the low mortgage rates. For South Florida cities, renting is proving to be more expensive.
According to RENTCafe’s recent report, it shows renters in 10 cities across the tri-county area of Broward, Miami-Dade and Palm Beach seeing year-over-year increases in average rent among the 250 cities that were included in the study.
West Palm Beach had shown the largest increase, but Fort Lauderdale actually had the highest average rent for the region. Specifically, it was $486 more than the national average of $1,364 per month coming in at $1,850. The year-over-year increase was at 5.3%.
In another report from RENTCafe, Florida was among the least renter-friendly states within the United States. To determine if a state was more partial to landlords or renters, RENTCafe took into consideration the laws that were related to 10 different intricacies of renting including rent increase notifications, landlord’s access to the property as well as eviction policies.
Based on this criteria, Florida ranked 40th in the United States for friendliness of renting. Deciding factors for this included things like a three-day termination notice for nonpayment of rent, no existings statutes for maximum security deposits or for rent increases for those in a month-to-month lease as well as a seven-day termination notice for lease violations.
Are you tired of renting and looking to purchase your next home? Contact me to discuss or begin searching for homes here.