BOCA RATON — New research from Florida Atlantic University indicates that an abundance of short-term vacation rentals and restrictions from homeowner and condominium associations are contributing to the state's rental crisis.
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New research indicates that an abundance of short-term vacation rentals and restrictions from homeowner and condominium associations are contributing to the state's rental crisis. |
FAU's data estimates that the average
monthly rent in South Florida is about $400 higher than what
should be expected — a 14% increase year-to-year.
"As a state, we need to realize that the current rental
crisis is hurting our economic growth potential and making
it increasingly difficult for service workers to live within
reasonable distances of their jobs," Johnson said.
"Both of these take away units that could be rented to the
public, and it's the shortage of available units that drives
rental rates higher," Johnson said. "While developers and
local governments clearly need to build more units, that's
not the only solution to this problem."
Given steep rental increases in the past two years, owners
of short-term rentals may find greater returns in converting
their properties to long-term rentals, according to Johnson.
He added that HOA boards choosing to relax or eliminate
rental restrictions would increase property values for their
residents.
Dawn Adams is among those looking for an apartment on the
Treasure Coast.
"A 2/1 at this time is as high as about $2,100 to $2,500 in
a nice area," Adams said.
The search for a new apartment has turned into a costly hunt
for Adams, which has been frustrating.
Adams is searching for a home for her mother, who currently
pays just under $800 a month in Fort Pierce.
"I think it's a situation, where not only my mother but many
other citizens of St. Lucie County and Indian River County,
they feel very stuck," she said.