Fort Myers is the 2nd Most Overpriced Rental Market In U.S. According To FAU Study
For Rent sign in front of new house
Are rents in Fort Myers too high? You bet, according to a new study by the FAU College Of Business. Tampa came in 3rd in the list of overpriced rental markets in the U.S. just behind Fort Myers. Since we live here, it’s probably not surprising all of of the markets in the top 5 are all in Florida. Zooming out, the Sunshine State had 10 of the markets in the top 25. You hear it in the news all the time. Despite what the New York media would lead you to believe, people want to move to Florida.
The survey results determined rankings by figuring in the cost of rent versus what it SHOULD be. Researchers from the study conducted at the FAU College Of Business say the premiums we pay in Florida probably won’t change much until more units are built. And with a shortage of building supplies and a large amount of people who want to move here, there's no telling when that will happen in the Fort Myers Rental market.
Three columns under each city: The average rental price, what FAU has computed the price of rent should be, followed by the percentage of what they consider overpriced.
25. Boise, Idaho
| $ 1,777.00 | $ 1,600.62 | 11.02% |
There were a lot of people moved there from California when they were allowed to work remotely. Guess some stayed.
24. Augusta, Georgia
| $ 1,326.00 | $ 1,193.72 | 11.08% |
They do have a nice golf course.
23. Memphis
| $ 1,496.00 | $ 1,344.14 | 11.30% |
The food and the music is the real draw here.
22. Austin, Texas
| $ 1,808.00 | $ 1,621.03 | 11.53% |
Blame Tesla for this one.
21. Greensboro, North Carolina
| $ 1,424.00 | $ 1,270.55 | 12.08% |
Rated one of the best places to live, so people are moving there.
20. Allentown, PA
| $ 1,770.00 | $ 1,578.25 | 12.15% |
That's like a Billy Joel song or something.
19. Melbourne, Florida
| $ 1,850.00 | $ 1,645.21 | 12.45% |
Living on the beach about a mile from the Orlando theme parks is quite a draw.
18. Riverside, California
| $ 2,561.00 | $ 2,273.94 | 12.62% |
Close enough to LA without being in LA.
17. Las Vegas, Nevada
| $ 1,828.00 | $ 1,617.45 | 13.02% |
Vegas baby.
16. Orlando, Florida
| $ 1,951.00 | $ 1,725.56 | 13.06% |
All those theme parks.
15. New Orleans, LA
| $ 1,517.00 | $ 1,340.69 | 13.15% |
People came to party, then stayed.
14. Albuquerque, New Mexico
| $ 1,435.00 | $ 1,267.77 | 13.19% |
I think a lot of people moved there after watching 'Breaking Bad'.
13. Jacksonville, Florida
| $ 1,724.00 | $ 1,520.82 | 13.36% |
There are nice areas of Jacksonville, really.
12. Daytona Beach, Florida
| $ 1,766.00 | $ 1,554.87 | 13.58% |
Same as the rest of us in Florida, people are coming here faster than they can build.
11. Tucson, Arizona
| $ 1,585.00 | $ 1,389.47 | 14.07% |
University of Arizona.
10. Knoxville, TN
| $ 1,526.00 | $ 1,334.69 | 14.33% |
It's a really cool place, and people are noticing.
9. Phoenix, Arizona
| $ 1,921.00 | $ 1,678.87 | 14.42% |
It just look really hot there.
8. Lakeland, Florida
| $ 1,808.00 | $ 1,579.56 | 14.46% |
There's some amazing boating and fishing there.
7. Bakersfield, California
| $ 1,688.00 | $ 1,473.93 | 14.52% |
6. Killeen, TX
| $ 1,322.00 | $ 1,145.00 | 15.46% |
That's where the Fort Hood base is.
5. Port St. Lucie, Florida
| $ 2,201.00 | $ 1,903.88 | 15.61% |
Driving up the barrier island on A1A can be alluring.
4. Sarasota/Bradenton, FL
| $ 2,402.00 | $ 2,053.40 | 16.98% |
Not just the beaches, but amazing parks, too.
3. Tampa, Florida
| $ 2,029.00 | $ 1,732.99 | 17.08% |
I think people just followed Tom Brady there.
2. Fort Myers, Florida
| $ 2,052.00 | $ 1,736.68 | 18.16% |
The average rental price here is more than 2K. We used to be such a quiet little town.
1. Miami / Fort Lauderdale
| $ 2,832.00 | $ 2,325.99 | 21.75% |
You think it's bad in SWFL? The average monthly rental price in Miami is $2,800. Which is more than what most of us make in a month,
