Fort Lauderdale has officially claimed the title of Florida’s most sought-after rental market, surpassing even Miami, according to a recent report. The city’s rental engagement score has seen a significant jump, positioning it as a top destination for renters across the state and the nation.
Key Takeaways
- Fort Lauderdale ranks as the No. 1 rental market in Florida and 20th nationally.
- Miami, while still a major player, falls to 8th in Florida and 134th nationally.
- Factors contributing to Fort Lauderdale’s rise include increased development, a more laid-back lifestyle, and a perceived value compared to Miami.
- The report’s REnT score is based on apartment availability, listing views, and saved listings, excluding short-term rentals.
Fort Lauderdale’s Ascent
A new report from RentCafe highlights Fort Lauderdale’s remarkable growth in renter engagement. The city’s REnT score, which measures factors like apartment availability and online interest, has propelled it to the top spot in Florida. This surge is attributed to a combination of factors, including recent development and a shift in renter preferences.
Why the Change?
Experts suggest that Fort Lauderdale’s appeal lies in its developing infrastructure and a lifestyle that many find more attractive than Miami’s. "People are looking for value, size and a more laid back lifestyle," noted Alexander Tegov, managing broker with Prestige Waterfront Realty. He added that Fort Lauderdale, often called the "Venice of America," offers more space and less traffic, contributing to its growing popularity among renters seeking a more community-oriented environment.
In contrast, Miami, while still a significant market, has seen an increase in available listings but a lower increase in saved apartments, suggesting renters may not be finding what they are looking for. Some renters are reportedly moving from Miami to Fort Lauderdale seeking a less busy and more neighborhood-focused atmosphere.
Future Outlook
While Fort Lauderdale’s growth is currently benefiting its rental market, some residents express concerns about potential future increases in traffic and cost of living. However, the current trend indicates a strong demand for rental properties in the city, with many seeing it as an undervalued market with significant potential.
National Context
Nationally, Washington D.C. leads the rental market engagement, followed by Kansas City and Cincinnati. While Fort Lauderdale’s rise is notable within Florida, it reflects broader trends of people seeking diverse living experiences across the country.
Sources
- Fort Lauderdale is hottest rental market in Florida, study found, CBS News.
- Renting is so hot in Fort Lauderdale, it’s No. 1 in Florida, Sun Sentinel.
- Ft. Lauderdale dethrones Miami as top FL rental spot | Real Estate, IslanderNews.com.
- This city is the best place to rent in Florida, study claims. Here’s why, WKMG.