The top 10 markets for annual rent growth have something major in common: they’re all in the Sunshine State. In the year-ending 2nd quarter 2022, operators in the small Gulf Coast market of Naples, Florida hiked effective asking rents 36.6% – the highest rate recorded among the nation’s 150 largest apartment markets.

The #2 and #3 markets for rent growth sit about 45 to 90 miles up the coast, respectively. Cape Coral saw rent growth of 33.7% in year-ending 2nd quarter, followed by 29.7% in North Port. All three major South Florida markets rank among the top 10 in the nation for rent growth in 2nd quarter. West Palm Beach claimed the #4 spot (26.2%), followed by Fort Lauderdale at #5 (25.9%) and Miami at #9 (22.4%). Orlando, Tampa, Deltona and Port St. Lucie rounded out the top 10 with rent growth between 22% and 25%.