Demand Driving Apartment Rents Higher in Coral Springs, Tamarac

 

By Kevin Deutsch

A new report ranks Coral Springs as the 16th most expensive city in South Florida for renting an apartment, with Tamarac ranked among the least expensive.

The price of one-bedroom units grew 12 percent in Coral Springs from June 2020 to June 2021, to a median of $1,400. Two-bedroom units rose 4.7 percent to $1,550 during that period.

The local rental data is part of the Zumper Miami Metro Area Report, which analyzed the site’s active rental listings in June 2021 across 30 U.S. metropolitan regions. The report shows the most and least expensive cities with the fastest-growing rents in Broward, Miami-Dade, and Palm Beach Counties.

In Tamarac, which ranked 27 out of 30 on the list, the median price of one-bedroom units grew 4.2 percent, to $1,250, from June 2020 to June 2021. Two-bedroom units rose 6.1 percent, to $1,560, during that period.

Zumper spokesperson Crystal Chen said demand is driving rent hikes in both Coral Springs and Tamarac.

“Rents in both cities have grown year-over-year, showing that there is an increased demand present that is driving prices up,” said Chen. “As Coral Springs and Tamarac are on the more affordable end of the report, with one-bedroom rents priced between $1250 and $1,400, this factor may make these two markets more desirable to new renters.”

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Demand Driving Apartment Rents Higher in Coral Springs, Tamarac

Chen said Coral Springs and Tamarac might be particularly attractive to renters priced out of more expensive cities like Fort Lauderdale, where the median rent for a one-bedroom unit last month was $1,710, according to the report.

Coral Springs and Tamarac are smaller than some other cities in the report, “so they are more sensitive to price fluctuations in general,” Chen added.

“Since it would be difficult to find space to build new housing to meet new rental demand, prices will likely continue to rise if the demand keeps up.”

Other local highlights from the Zumper analysis:

The average rent for a one-bedroom unit in Parkland is currently $1,395. Compared to last year, the average rent price there has remained flat. Parkland did not have enough rental listings on Zumper to qualify for inclusion in the report.

Lauderhill was the second least expensive city in Zumper’s report, with a median rent of $1,190 for a one-bedroom unit.

The city with the fastest-growing rents in Broward is Dania Beach, where rents for one-bedroom units jumped 14.4 percent since last June, to $1,350.

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Author Profile

Kevin Deutsch

Kevin Deutsch
Kevin Deutsch is an award-winning crime journalist and author. A graduate of Florida International University, Kevin has worked on staff at The Miami Herald, New York Daily News, and The Palm Beach Post.

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