The South Florida housing market has seen rising prices and low availability, leaving many buyers and renters struggling with real estate inflation.
Even if rental prices have dropped a little, they are still very expensive.
Zillow’s February rental market report shows rents rose nationwide for the first time in five months.
Nationally, a typical rent is above $1,976, up 6.3% from a year ago, but down from its peak of $1,987 in September.
In South Florida, the report highlights that Miami saw a monthly decline in rental prices. However, these are still high, with a median monthly rent of $2,760.
Divounguy points out that the Fed’s goal when it started raising interest rates was to cool the housing market and that rents tend to follow house prices.
Inventory continues to be an issue as sellers take longer to get their homes on the market. Although there are buyers, there is not enough inventory.
Divounguy notes that Florida has become a hot market, attracting people from out of state and abroad.
This demand should continue to drive up home prices in the area.
For a full housing market recovery, inventories are needed to return to pre-pandemic levels.
If you’re ready to buy, it’s important to find a reputable agent and get pre-approval from a bank or lender first, giving you an edge over other buyers.