A new study published by Florida Atlantic University in Boca Raton found the top most overvalued rental markets are in Florida.

Miami-Fort Lauderdale and Palm Beach top the list with an average monthly rental price of $2,832 per month, 21% higher than what renters should be paying for the area.

Fort Myers, Tampa, Sarasota and Port St. Lucie rounded out the top 5.

“It’s clear that rent increases have become a major problem across Florida, threatening the livelihoods of middle-class consumers,” said Ken Johnson, an economist in FAU’s College of Business.

Researchers used information from Zillow to help compose the study and say the increase is attributable to the influx of northerners during the pandemic in 2020 and 2021.

FAU says while rent increases are likely to slow, the Miami market remains extremely hot.

See the entire list at the FAU Business School homepage.