FLORIDA – New rental data shows affordability issues are on the rise in Florida and across the nation as Americans spent 30% of their monthly budgets on rents in February on average, according to the Realtor.com® Monthly Rental Report released today.
February rents accounted for an even higher portion of household incomes in 14 of the 50 largest U.S. markets, with the list of least affordable areas dominated by Florida metros like Miami and Tampa, and Sun Belt metros such as San Diego, Calif.
“Whether it’s rent or mortgage payments, the general rule of thumb is to keep monthly housing costs to less than 30% of your income. And with rents surging nationwide, February data indicates that many renters’ budgets may be stretched beyond the affordability limit,” said Realtor.com® Chief Economist Danielle Hale.
In February, the U.S. median rental price hit a new high of $1,792 and soared by double-digit percentages (+17.1% year-over-year) for the seventh month in a row, according to Realtor.com.
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Among unit sizes, studio rents increased at the fastest annual pace, up 17.1% (+$215) to a median of $1,474.
Larger unit rents also posted double-digit gains over February 2021: 1-bedrooms, up 16.4% (+$232) to $1,648; and 2-bedrooms, up 16.2% ($278) to $2,002, said Realtor.com.
In Miami, the median rental price spiked 55.3% year-over-year in February, bringing it to the top of February’s least affordable markets.
Although buying a starter home is more affordable than renting one in Miami, the local for-sale home market is also exploding. Compared to February 2021, listing prices were up 31.6% in Miami, which jumped 25 spots on the latest Realtor.com® Hottest Markets Ranking.
February 2022 Rental Metrics – National
| Unit Size | Median Rent | Change over Feb. 2021 | Change over Feb. 2020 |
| Overall | $1,792 | 17.1% ($261) | 18.8% ($283) |
| Studio | $1,474 | 17.1% ($215) | 11.7% ($154) |
| 1-bed | $1,648 | 16.4% ($232) | 17.1% ($241) |
| 2-bed | $2,002 | 16.2% ($278) | 21.2% ($350) |
Year-over-year rent growth in February 2022 was four times higher when compared to March 2020, before the onset of COVID, highlighting limited supply relative to demand. The acceleration in rents is largely driven by a growing segment of young households, many of whom are turning to renting in the face of the for-sale inventory crunch, record-high listing prices, and climbing mortgage rates
Least Affordable Rental Markets (Feb. 2022)
| Rank | Metro Area | Median Rent |
Rental Share of Income |
Rental Share
of Income YoY |
Maximum Affordable Rent |
| 1 | Miami, Fla. | $2,929 | 59.5% | 37.8% | $1,476 |
| 2 | Los Angeles, Calif. | $2,993 | 46.0% | 39.1% | $1,952 |
| 3 | Riverside, Calif. | $2,678 | 45.9% | 40.5% | $1,752 |
| 4 | Tampa, Fla. | $2,098 | 44.7% | 33.1% | $1,407 |
| 5 | San Diego, Calif. | $3,008 | 42.9% | 35.0% | $2,105 |
| 6 | New York, N.Y. | $2,725 | 40.9% | 36.7% | $1,997 |
| 7 | Las Vegas, Nev. | $1,600 | 39.6% | 30.9% | $1,213 |
| 8 | New Orleans, La. | $1,725 | 37.2% | 32.5% | $1,392 |
| 9 | Orlando, Fla. | $1,843 | 36.7% | 26.8% | $1,506 |
| 10 | Phoenix, Ariz. | $1,855 | 34.7% | 27.9% | $1,628 |
| 11 | Sacramento, Calif. | $2,029 | 31.8% | 28.6% | $1,912 |
| 12 | Memphis, Tenn. | $1,385 | 31.4% | 25.3% | $1,324 |
| 13 | Cleveland, Ohio | $1,378 | 30.7% | 29.2% | $1,345 |
| 14 | San Francisco, Calif. | $2,970 | 30.5% | 28.2% | $2,921 |
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Most Affordable Rental Markets (Feb. 2022)
| Rank | Metro Area | Median Rent |
Rental Share of Income |
Rental Share
of Income YoY |
Maximum Affordable Rent |
| 1 | Kansas City, Mo. | $1,216 | 19.9% | 18.2% | $1,832 |
| 2 | Oklahoma City, Okla. | $923 | 21.1% | 19.0% | $1,314 |
| 3 | Denver, Colo. | $1,921 | 21.9% | 19.0% | $2,631 |
| 4 | St. Louis, Mo. | $1,299 | 22.3% | 20.7% | $1,749 |
| 5 | Washington, D.C. | $2,078 | 22.7% | 20.4% | $2,746 |
| 6 | Indianapolis, Ind. | $1,215 | 23.0% | 20.7% | $1,587 |
| 7 | Louisville, Ky. | $1,200 | 23.0% | 20.5% | $1,564 |
| 8 | Minneapolis, Minn. | $1,558 | 23.0% | 22.1% | $2,028 |
| 9 | Houston, Texas | $1,420 | 23.4% | 21.1% | $1,823 |
| 10 | Raleigh, N.C. | $1,561 | 23.5% | 19.9% | $1,990 |
