Florida Rental Rates to Rise in 2012

From the Sarasota Herald Tribune:

This could be the year great rental deals on apartments, condominiums and single-family homes disappear as rents move upward. Statewide, a mixture of an improving employment picture, a lack of new apartments being built and falling vacancy rates has commercial real estate broker Marcus & Millichap forecasting hikes in rental rates in Florida’s major markets this year.

After a large decline in rents that began in 2007, rates started recovering this year and will likely go up 3 percent to 5 percent in 2012.

The article goes on to summarize forecasts for rental rate increases in various markets for the year 2012, including:

  • Orlando- 3.6% increase
  • Miami- 4.3% increase
  • West Palm Beach – 3.8 % increase

To read the full article, check out the Herald Tribune’s post.

So what do you think?  Do YOU expect rental rates to go up this year?  Please leave a comment or share this post!