Real Estate Experts Predict Rent To Keep Rising In South Florida
Real estate experts are predicting rent prices to keep rising in South Florida through the end of the year.
According to real estate information provider CoStar Group, by the end of October, rent had gone up here in Palm Beach County by 28 percent compared to this time last year. That’s compared to only a 17 percent rise in Broward County. And this month and next month, experts project rent to continue to rise by 8.9 percent.
CBS12 News spoke with a renter in Palm Beach Gardens, who started renting a place for $1,800 in 2020 to save up for a house until rent increased by 39 percent, leaving her and her husband wondering what to do next.
“We can pay the $700 increase, but now you’ve got gas going up, you’ve got electric going up, everyday items: food, everything going up. So now I’m going to have to short myself on those things in order to be able to cover for a place to live,” said Terisa Boyce.
Reasons rent is so high? Demand. There was a drastic increase of people who moved here during the pandemic, bringing the vacancy rate of places in Palm Beach County to only 3.7 percent.