Mike in Boca, eXp - WPB Rents Pop
WPB Rents Pop The local rental market does not have a lot of inventory and rent prices continue to rise. Redfin announced that Florida had 3 of the top 10 metro areas with the steepest rent hikes in February 2022. Year-over-year rent prices increased by 30% or more in Miami, Fort Lauderdale and West Palm Beach in February 2022, according to the Redfin report. It was noted that recent increases in mortgage rates have caused the amount buyers pay to increase about 31% in February 2022 over February 2021. One of the reasons rent prices have increased is because potential buyers cannot afford to purchase a home and have to rent instead. The increased competition for rentals along with low inventory levels has caused prices to shoot up. I work with both landlords and tenants to secure the best deals in the rental market. As always, I am available to help with anything involving real estate. Michael Friedman Broker-Associate, Realtor, CDPE eXp Realty 561-247-3550 www.MikeInBoca.com