The annual increase in effective asking rents for move-in leases reached 13.9% in November, climbing at an all-time record pace.
Renewal lease rent growth, reflecting the price change experienced when a household opts to stay in place at the end of an initial lease, usually climbs more slowly than when there’s turnover in a unit’s occupant. Renewal lease rent growth has been hovering around the 8% mark during late 2021.
Florida Rents Are Soaring
Across the nation’s 150 largest metros, 104 of them managed to eke out at least a little monthly rent growth during November. The nation’s four strongest monthly rent increases registered in Naples, Cape Coral, North Port/Sarasota and West Palm Beach. Monthly price bumps also proved substantial in Gainesville, Lakeland and Miami.
Turning to annual price shifts in the 50 largest metros, West Palm Beach, Tampa and Phoenix were on top, posting growth of 26% to 28%.
Year-over-year rent growth of more than 20% also was seen in another nine spots: Austin, Orlando, Fort Lauderdale, Las Vegas, Jacksonville, Atlanta, Salt Lake City, Raleigh/Durham and Miami.
All 150 of the nation’s biggest markets posted annual increases in effective monthly rents for move-in leases.
The slowest growth rates as of November were increases of about 2% in small Youngstown, OH and Champaign/Urbana, IL. The top 50 metro with the slowest growth was Minneapolis/St. Paul, where pricing climbed 4.1% during the year-ending in November.