South Florida Leads Ranking of Most Overvalued Rental Markets

South Florida is the most overvalued rental market in the U.S. with renters paying 22% more than they should, according to a new study from two universities in the state.

The average rental price in the area that includes Miami and Fort Lauderdale is $2,832, but should be closer to $2,326, according to researchers from Florida Atlantic University and Florida Gulf Coast University. They used past leasing data to model prices and rank the 25 markets in the country with the biggest premiums.