Apartment rents in Miami have increased due to large numbers of out of state residents fleeing taxes, crime and Covid.
It was reported this week in Realtor.com that the median February rent for apartments in the Miami metro area jumped to $2,988 in February.
Miami rents are now more than 20 percentage points higher than the area with the next highest increase, also in Florida.
“Florida has seen a surge of new residents over the past two years,” Realtor.com researcher George Ratiu said. “The moves were also encouraged by the state’s early actions to reopen its business and tourism sectors and relax pandemic restrictions.”
In Orlando, Florida, rents rose by 35 percent year over year, while Tampa reported a 31 percent increase in apartment costs.
In the New York metro area, rents for smaller apartments increased by 14 percent year over year to $2,750, according to Realtor.com.
Miami has been the beneficiary of population losses in urban centers, including New York, Los Angeles and San Francisco.
Florida gained 211,000 residents in 2021, while New York lost 400,000 and California saw a decrease of 262,000 residents.
“They tax and regulate so they repel people to leave their state,” Florida Governor Ron DeSantis told Fox Radio last month. “The base shrinks so they have to do it again to try to square the circle. And you just can’t have it.”