Over the last five years Florida has seen residential rents raise over income in all the major metro areas according to a new study by the National Association of Realtors. It found that from Q3 2009 to the same quarter in 2014, Miami rents had risen by 16.47 percent compared to a wage rise of just 0.71 percent. The results were considerably different for other Florida cities, such as Orlando where a 12.41 percent jump in rents were more closely matched by wages growing 9.48. In Tampa, average wages improved by just 6.14 percent, unlike rents which were nearly double that figure at 12.89 percent. Parity was nearly reached in Jacksonville where 10.1 rental growth just outstripped higher wages of 8.11 percent.
Nationally, the top markets where renters have seen the highest increase in rents since 2009 are New York (50.7%), Seattle (32.38%), San Jose, California. (25.6%), Denver (24.1%) and St. Louis (22.3%).
“In the past five years, a typical rent rose 15 percent while the income of renters grew by only 11 percent,” said NAR chief economist Lawrence Yun. “The gap has worsened in many areas as rents continue to climb and the accelerated pace of hiring has yet to give workers a meaningful bump in pay.”
