Low supply, high demand, costly rent

South Florida apartment dwellers are still feeling the pinch when it’s time to write that monthly rent check.

Average apartment rents in Broward and Palm Beach counties have been rising steadily in recent years, and the latest figures showlandlords still have the upper hand.

Broward’s average rent inMaywas $1,676, 5 percent higher than a year ago and up14 percent fromMay 2015, according to data fromReinhold P. Wolff Economic Research in Oakland Park.

Palm Beach County had the same May rent average as Broward, $1,676, whichwas a 6 percent increase froma year ago and15 percent higher than two years ago.

Historically, rents increase at about 3 percent a year, but strong demand and lack of supply are slanting the market in landlords’ favor.

“Rents have moderated a little bit, but there’s still aways to go,” said L. Keith White, president ofWolff.

Miami-Dade rents also increased in May, but at a slower pace. The average rent of $1,751was up 3 percent froma year ago and 9 percent fromMay 2015.

Developers this year are expected to deliver more than15,500 units in the three counties, boosting the supply and giving renters some relief on costs, according to a report from the RealPage research firm in Richardson, Texas.

Still, another report shows that South Florida remains one of theworst areas of the country when it comes to building apartments.

Hoyt Advisory Services said the tricounty region ranks the fourthworst among 50 major metropolitan areas for adding apartments. OnlyHonolulu, Boston and Baltimorewereworse.

Local regulations and the amount of available land to developwere among the factors restraining development.