The Rental Prices In This State Are Soaring Right Now
One of the most unpredictable events of our time turned out to be one of the worst as well. When the pandemic hit the United States in 2020, our lives changed as we knew it. Most of the world shut down, social distancing kept us apart, and masks were enforced. Sadly, this pandemic continues, and our lives aren't fully the way they were before this pandemic began. However, one good thing came out of these unfortunate circumstances. Since the world shut down, the cost of living dropped substantially. Most people stayed at home instead of going out, and others even began working from home, causing the cost of living to slow down. However, this is no longer the case and the cost of living, specifically rent, is higher now than it has been in a long time.
There are quite a few reasons why this is the case. According to The Washington Post, one of the reasons is that more and more people are wanting to live on their own. Young adults, those with roommates, and those who got divorced are all needing a place of their own and are creating competition when it comes to renting. This, in return, is causing the demand for rentals to rise. Additionally, when the pandemic, rent-freezes were put into place to help those struggling financially. Now with the pandemic (hopefully) coming to a slow end, these freezes are no longer in place and are spiking rapidly.
What state is being affected the most?
These reasons, plus a significant amount of others, are affecting cities, towns, and states everywhere. However, the state of Florida is the state being affected the most by soaring rental prices. According to George Ratiu in an interview with Realtor.com, Florida has had a boom in residency since the beginning of the pandemic, partially because the state opened things back up early than most. A place that was once mostly home to retirees has now seen an increase in young professionals moving in permanently, according to Ratiu. The high demand for rentals has caused rising prices.
Due to the state's newfound residents, rent in the Miami metro area rose around 57.2% more than it was a year prior. Elsewhere in Orlando rent rose 35%, while in both Tampa and St. Petersburg rent rose about 31.1%. Per Realtor.com, real estate broker Kent Rodahaver says the state's strong economy and lack of sales tax make the cost of living more reasonable, even with the increasing rental rates.