Broward Renters Can’t Catch A Break Amid Declining Rental Market: A Zumper.com Analysis
BROWARD, FL. – In a surprising turn of events, Zumper.com, a popular rental platform, has reported an increase in rent prices in Broward County, even as the overall rental market shows signs of decline.
According to Zumper.com, rent prices for all bedroom counts and property types in Fort Lauderdale, a city in Broward County, have increased by 3% in the last month and have increased by 2% in the last year. This is in stark contrast to the overall rental market in Florida, which has shown signs of cooling off.
The increase in rent prices in Broward comes at a time when the rental market in Florida is beginning to stabilize. The overall asking rental rates in the first quarter of 2024 decreased 1.4% quarter over quarter. However, Broward’s rental market seems to be bucking this trend.
Several factors appear to be driving Broward’s persistent rent increases:
- Limited new construction: Despite population growth, new housing development has lagged, creating artificial scarcity.
- Investment property purchases: Out-of-state buyers continue to snap up properties, often converting them to short-term rentals and reducing long-term rental inventory.
- The influx of remote workers: The pandemic-driven shift to remote work has brought an influx of higher-earning transplants, driving up prices.
- Zoning restrictions: Strict local regulations have hindered the development of more affordable, higher-density housing options.