Rental prices in Miami surged 55.3% in February compared to the same period a year ago, according to a new report from Realtor.com.
It is by far the highest increase of any metro area in the U.S.
Orlando ranked second with a 35.4% increase, while Tampa ranked third with a 32.3% rise. Austin (28.1%) and San Diego (25.4) rounded out the top five.
The median rent increase across all U.S. markets was 17.1%.
Miami’s median rental price even surpassed New York last month, possibly for the first time ever.
A broker in Miami told the website that they had never seen such a dramatic increase.
Tenants are bidding above asking prices for apartments, with rental deals done within hours of them being listed, the broker said.
An economist for Realtor.com said that the economy reopening after the pandemic may be causing more people to move to Miami.
People may now be looking to relocate to a place with better weather and lower taxes now that they feel more comfortable travelling again, the economist said.