6 FL Rental Markets Among Most Competitive In U.S.: Study

FLORIDA — Six Florida counties and cities made the list of the top 20 most competitive rental markets in the United States, according to a new study from RentCafe.com.

Miami-Dade County nabbed the list’s number one spot with an occupancy rate of 97.1 percent.
Other Florida metro areas to make the list include:

• No. 3 - Southwest Florida
• No. 4 - Broward County
• No. 8 - Orlando
• No. 19 - Tampa
• No. 20 - Palm Beach County

Florida’s competitive rental market comes from the influx of “remote workers of all ages and ultra-wealthy newcomers (as well as many retirees) looking for tax breaks, sunshine and a more relaxed lifestyle,” the website said.

Southwest Florida — which includes Sarasota, Bradenton, Naples, Fort Myers, Cape Coral and Port Charlotte — has consistently seen new residents drawn to the area.

Less than 4 percent of rentals in this area are currently available, according to RentCafe.com. This led to more than two-thirds of renters renewing their leases and 13 prospective renters competing for each vacant unit.

In Broward County, which includes the cities of Fort Lauderdale, Pompano Beach and Hollywood, the number of new apartments has increased only by .12 percent in recent months, the study said. The county’s occupancy rate is 95.5 percent.

Orlando has seen more of an increase in new apartments recently — about a 1.08 percent increase in new units — but vacant apartments represent less than 5 percent of all units for rent in the city, the study said. Two-thirds of those in apartments renew their leases with 12 prospective tenants, on average, applying for each available unit.