South Florida tenants will have to settle for slower rent growth
Beleaguered South Florida tenants still will be paying more in the coming year, but a new forecast shows rent growth is likely to slow.
Rents in the tricounty region are projected to increase 3.2 percent through next August — down from 4.2 percent over the past year, real estate website Zillow said. The national average for the year ahead is 1.7 percent, same as it was this year.
South Florida’s Zillow rent index — the median price paid for renting apartments, condominiums and single-family homes — was $1,885 in August. That’s up 21 percent since August 2011, according to Zillow.
The sharp increases have led to affordability problems.
Read more …