Dramatic multifamily rent increases are jarring

The story of skyrocketing rents in the region, quickly cascading to crisis level, is hitting businesses hard, as workers struggle to afford to live in the areas where they work. Now that story has an eye-popping data component, in the latest report from real estate analytics firm CoStar.  

The report looked at year-over-year rent growth in March at midsized Southeast apartment markets, defined as cities with 10,000 to 50,000 multifamily units. Seven out of the top 20 markets for annual rent increase are in Florida. And, notably, the top three — Naples, Sarasota and Fort Myers — are all on the west coast of the state. Overall, average rent growth in midsize Southeast markets is up 23.1% year-over-year. In markets with 50,000 or more units, the increase, the report found, is 21.1%