In South Florida, renters may see an increase in lease rates as the demand for apartment spaces continue to soar. Floridarealtors.org recently reported that CBRE predicted a double digit increase in rent in the coming years and this will continue through 2017. The increase in demand has caused SWFL rentals
to seize control of the booming market.Last year Palm Beach County saw a four percent rise in the average monthly apartment rental rate in 2008. Calum Weaver, a broker with CBRE in Fort Lauderdale said in a statement, “The long and short of it is that supply is not keeping up with demand right now.” On the other hand, Broward County’s average rent also went up by four percent since 2008. According to CBRE, Broward Count’s rent reached an astounding $1,203 in 2012.
Floridarealtors.org also mentioned in their report that the increase are now being experienced by renters across the region. Families, college students and young professionals are worried about the expensive rental costs and the growing market. Lauren Odom is one of those people in South Florida who is trying to make ends meet. Odom graduated in 2012 from the University of North Carolina and moved in with a friend and her family in Boca Raton. She wanted to save enough money before renting an apartment, apparently all the places she liked were now past her means. She is now renting a one-bedroom duplex in Wilton Manors, which costs her $1,050 a month.
On the other hand, Saul Cooper, a sales manager has been renting a three-bedroom Townhome at Mizner on the Green in Boca Raton for five years. According to Cooper, he used to pay a small fee for rent. He was shocked when last year, he was advised by his tenant that the rental fee has increased to $250 more every month. Cooper said that he was very close to leaving. But, he really likes where his home is located and he doesn’t want to move just yet.
Since the housing collapse, many homeowners have been forced to rent because they are not able to pay their mortgage on time, causing them to lose possession of their homes. Jack McCabe, a Deerfield Beach housing consultant, agrees that the rental fees will continue to increase, however, he is still not certain that the trend will go on for a long time.