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Florida’s rent increases top the nation, when will they go down?

(AP Photo/Jeff Chiu)

(WEST PALM BEACH, FLA) — The Sunshine State is one of 19 states darkened by a rental crisis cloud. Those states saw increases of more than 10 percent in year-over-year rent comparisons, according to new data released by Rent.com. In fact, Florida and South Dakota saw yearly increases above 20 percent.

Markets remain up year over year with most of the largest increases concentrated on the East coast. From Florida and Delaware to New York and Rhode Island, rents are up by more than 18 percent.

Florida (+23.2 percent)
South Dakota (+21.4 percent)
Delaware (+18.9 percent)
New York (+18.6 percent)
Rhode Island (+18.5 percent)
New Jersey (+17.9 percent)
Arkansas (+17.4 percent)
Kentucky (+16.2 percent)
Utah (+15.4 percent)
Oklahoma (+14.9 percent)
So what is driving this spike in South Florida rents? Find out about the latest rent trends in West Palm Beach, Fort Lauderdale and Miami here. Listen to an interview with top researcher for Rent.com, John Leckie, on when we can expect the rent crisis to end.
Rent expert John Leckie