January 2020 Fort Lauderdale Rent Report

Welcome to the January 2020 Fort Lauderdale Rent Report. Fort Lauderdale rents increased over the past month. In this report, we'll evaluate trends in the Fort Lauderdale rental market, including comparisons to cities throughout the metro, state, and nation.

Fort Lauderdale rents increase sharply over the past month

Fort Lauderdale rents have increased 0.9% over the past month, but have remained steady at 0.3% in comparison to the same time last year. Currently, median rents in Fort Lauderdale stand at $1,151 for a one-bedroom apartment and $1,459 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in September. Fort Lauderdale's year-over-year rent growth lags the state average of 1.3%, as well as the national average of 1.4%.

Rents rising across the Miami Metro

While rents have remained steady in the city of Fort Lauderdale throughout the past year, cities across the metro have seen a different trend. Rents have risen in 7 of of the largest 10 cities in the Miami metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.

• Miami Beach has seen rents fall by 0.7% over the past month, the biggest drop in the metro. It also has the least expensive rents in the Miami metro, with a two-bedroom median of $1,297.
• Boca Raton has seen the fastest rent growth in the metro, with a year-over-year increase of 4.4%. The median two-bedroom there costs $1,925, while one-bedrooms go for $1,518.
• Pembroke Pines has the most expensive rents of the largest cities in the Miami metro, with a two-bedroom median of $2,405; rents grew 0.1% over the past month but decreased 0.3% over the past year.

Many large cities nationwide show more affordable rents compared to Fort Lauderdale

Rent growth in Fort Lauderdale has been relatively stable over the past year - some other large cities have seen more substantial increases. Compared to most large cities across the country, Fort Lauderdale is less affordable for renters.

• Other cities across the state have seen rents slightly increase, with Florida as a whole logging rent growth of 1.3% over the past year. For example, rents have grown by 2.4% in Tampa and 1.3% in Jacksonville.
• Fort Lauderdale's median two-bedroom rent of $1,459 is above the national average of $1,192. Nationwide, rents have grown by 1.4% over the past year compared to the stagnant growth in Fort Lauderdale.
• While rents in Fort Lauderdale remained moderately stable this year, similar cities saw increases, including Austin (+3.1%), Seattle (+1.8%), and DC (+1.6%); note that median 2BR rents in these cities go for $1,471, $1,675, and $1,572 respectively.
• Renters will generally find more expensive prices in Fort Lauderdale than most large cities. For example, Memphis has a median 2BR rent of $835, where Fort Lauderdale is more than one-and-a-half times that price.