Renters compete in the rental market to get an apartment in Florida

Because the rental market in South Florida has become competitive, people who want to rent an apartment in the region must compete with at least 20 other people to get the place they want, the Sun Sentinel reported. 
The data revealed is from a Rent Cafe study on the phenomenon of competition in the rental market in metropolitan areas this 2021, taking into account people who want to get a rented apartment.

In Palm Beach County alone, there may be 23 people vying for one slot each, in Miami-Dade County about 24, and in Broward 20.
Pearl Antonacci Group Principal Agent Brian Pearl said, “The rental market has become extremely competitive due to lack of inventory and rising prices. We are seeing a bigger problem with the lack of available units.”
Remembering also that a large part of the people looking to rent do so at the end of the year. Pearl also added that “Prospective renters continued to seek larger apartments close to nature during this rental season. As such, places that were able to accommodate the need for ample living space and easy access to outdoor attractions, but also had a limited supply of rentals, went red hot this year.”
The rental market is highly competitive, yet Palm Beach County ranked 15th, Miami-Dade County 16th, and Broward County 36th out of the 50 most competitive metro areas for renters.
This is how candidates for leased spaces in Palm Beach County score high with an average of 643. In Miami-Dade the average was 647 and in Broward 636.
Similarly, the rental of single-family homes in South Florida, raising the cost of rent for tenants.

Miami Daily
Author: Natasha Palís 9:39 am

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