Fort Pierce - Wednesday July 5, 2023: Fort Pierce ranks 19th amongst the 20 places in the U.S. where rent increased the most between May 2022 and May 2023, according to a report from SmartAssets. The report covers all rental homes and apartments, including multifamily rental homes.
Rent price increases are expected in large cities, but the data shows smaller cities and towns have seen the biggest increases over the past year.
According to the report, the average rental price in Fort Pierce climbed to $2,331, a 17.19% increase. Fort Pierce was one of seven Florida communities that made the top twenty list. The Sunrise City came in 19th after #18 Romeoville Illinois where the average rent rose 17.2% to $2,096, and ahead of #20 Williston North Dakota which saw a 17.15% increase to $1,047.
Among the other Florida communities that made the top 20 list were St. Pete Beach which saw a 30.43% increase to an average of $2,820 a month, and Engelwood where the average home rental price is $2,042, a 22.87% increase.
Statewide, Florida rents exceeded inflation increasing by 6.4%, compared to a 4.05% inflation rate over the same period.
SmartAssets analyzed Zillow's Observed Rent Index (ZORI) for more than 1,800 cities across the country. ZORI evaluates rentals for all homes and apartments in a given region in three categories: single-unit, 2-4 units, and 5+ units.
The full SmartAssets report can be found at: https://smartasset.com/data-studies/where-rent-increased-most-2023