Massive Growth Seen in Fort Lauderdale Rent

It comes as no surprise that rent in Miami can be extremely high, but the same is not expected when it comes to the more northern city of Fort Lauderdale. That may be about to change though, according to the May report from RentCafe. Fort Lauderdale is officially up and coming.

In fact, the average price of rent for an apartment in Fort Lauderdale has gone up a massive 6.6 percent year over year. This is the most substantial annual increase to be seen in Florida in this year’s annual rental growth. Because of this tremendous growth rate, those who are interested in renting an apartment in Fort Lauderdale can expect to pay an average of $1,820 a month.

Cause of the Growth

This jump in rent prices is not out of nowhere, however. Fort Lauderdale has gone under a serious makeover as of late. The beaches and downtown of the city have been transformed from another Florida city into an international destination. Both mid-rise and high-rise residential development has taken off, which has led to a whole new influx of residents.

Major Constructions & Renovations

The Related Group started construction on the Icon Las Olas, a 45-story tower, in 2015. This was more than a decade after it was first announced. Related secured financing for the impressive tower from SunTrust Bank and the project broke ground back in February. The condos at Icon Las Olas now have a monthly rent at a cool $2,500 all the way up to $7,000.

In the same year, Fort Partners first announced the plans to build a Four Season Private Residence in Fort Lauderdale which would be built on nearly two acres and include a full city block with a beautiful ocean view.

Many other well-known developers have followed suit, developing and redeveloping properties found on the prime beachfront land of Fort Lauderdale. Invesco and Gencom purchased the Ritz-Carlton Fort Lauderdale hotel and condo for a little over $65 million and have since renovated the building’s restaurant, spa, lobby, and other public areas.

Commercial Growth

It is not just rent that is thriving in Fort Lauderdale, however. Dozens of major retailers are interested in Las Olas Boulevard as a space to provide their services and products. The office market is also rising with higher rental rates and more new construction coming week after week.

Growth in Other Cities

Fort Lauderdale is not the only Florida city experiencing rent hikes over the last year. In Hialeah, rent has climbed 4 percent to $1,263 a month; in Pompano Beach rents are up 4.7 percent at $1,334, and in West Palm Beach averages are at $1,340 or up 5.5 percent.

When considering the country as a whole, the cities that reported the highest rents for November include Boston at $3,262, San Francisco at $3,432, and Manhattan at $4,089. As for the most exceptional rate in average rent across the United States, Odessa rose an impressive 33.2 percent to $1,111, and Midland increased over 25 percent to $1,274.

Mansions in Fort Lauderdale Florida

Fort Lauderdale waterfront homes (also known as Venice of the Americas) – CLICK HERE TO VIEW THE SITE is a luxurious neighborhood that is located between Fort Lauderdale Beach and Colee Hammock areas. Some of the most expensive of Fort Lauderdale real estate is located right in this neighborhood with listing prices that can exceed $30 million. One such listing is currently on the market for a whopping $39 million –

The neighborhood of Bahia Mar is situated on the small islands and offers boater’s paradise as well as very easy commute to just about everything – from private schools to golf courses, fine dining, art museums, and galleries. Some mansions in this area have sold in excess of $40 million and are truly massive in size. One such mansion recently sold for $25 million and offered six bedrooms and boasts almost 16,000 square feet. Original pricing placed a price tag of $2,500 per square foot but it ended up selling for roughly $1,500 a square foot. Looking closer at the deal, we find that over $14 million was spent on features of this home which is sitting on a lot which is a bit over 1.25 acres. Incidentally, this home was sold back in 2005 for nearly $10 million.

The estate was built in 2015 and designed by the well-known Robert A.M. Stern. It provides a two-story guest house, over 600 feet of waterfront, and a spacious six-car garage. The home also includes features like an office library, five fireplaces, personal massage room, fitness center, home theater, and a chart room appointed for a yacht captain. Back in 2016, this listing at $40 million was the second most expensive in all of Broward County, with only the Le Palais Royal estate in Hillsboro Beach beating it out. That property was listed at $159 million at the time.

Luxury condominiums are also very common in this area, along with oceanfront mega-structures as well as smaller or boutique condo buildings across the street from the ocean. However, it is the multi-million-dollar single home dwellings along the water that make this area some of the most sought after in the entire South Florida.

Even with the slowdown in the luxury segment of real estate in South Florida, several areas are holding up the prices very well. Some of the areas in Fort Lauderdale are Las Olas Isles, Lauderdale Beach, Rio Vista and Harbour Heights are some of the most popular and expensive areas in South Florida which keeps attracting buyers for luxury waterfront abodes.