(Bloomberg) -- Apartment rents are soaring across the U.S., with South Florida in the lead. New York isn't far behind.
In Miami, West Palm Beach and Fort Lauderdale, rents jumped 36% in October from a year earlier, while the New York City metro area -- including Westchester County and parts of northern New Jersey -- posted a 31% gain, according to a report by Redfin Corp.
The average increase in monthly rents nationwide was 13%, the highest growth rate in at least two years, Redfin said. Seattle; Portland, Oregon; and Austin, Texas, were also among metro areas that beat the U.S. average. Rents fell 4% in St. Louis, the only area with an annual decline.
“Skyrocketing rents in some of the most desirable cities suggest that there is an overall shortage of homes, and not just of homes for sale,” said Daryl Fairweather, chief economist at Redfin.
Rents have surged across the U.S. this year, stoking inflation fears. They've been rising fastest in Sun Belt cities such as Miami and Austin, where jobs and relatively low costs have pulled in transplants.
But New York and other coastal cities are making a comeback as more workers return to the office and colleges bring students back to campus.
“The recent increase in demand for rentals comes from people who want to lock in their lease now before prices rise even further out of reach,” Fairweather said.
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