In Eric Farmelant’s nearly decade-long career as a real estate broker in Miami, he had never witnessed renters engage in bidding wars over rental properties until the coronavirus pandemic fuelled scorching demand for beachfront housing in Florida. He can no longer show four or five listings to clients because many of the properties are being rented sight unseen.
“You’re seeing renters putting down a year’s worth of rent up front to get their offer accepted,” said Farmelant, who works for Ibis Realty Group.
Rents, in turn, are up nearly 40 per cent since January 2021, according to Apartment List, indicative of a broader trend that has gripped the country.
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