Short-term leases, HOA rules contribute to high rents, according to a Florida Atlantic University study.

BOCA RATON, Florida. A new study from Florida Atlantic University shows that an abundance of short-term vacation rentals and restrictions from homeowners associations and condominiums are contributing to the state’s rent crisis.

Ken H. Johnson, a real estate economist and Florida Atlantic University’s associate dean for graduate programs, said rents listed on Airbnb and similar websites keep units out of an already depleted housing stock.

Many HOAs across the state are also restricting owners from renting out their apartments for the first year or banning rentals altogether, contributing to the housing crisis.

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“Both of these properties are taking space that could be rented out to the public, and the lack of available space is pushing up rental rates,” Johnson said. “Although there is a clear need for developers and local governments to build more units, this is not the only solution to this problem.”

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latest research found that while rental prices are declining across much of the country, Florida is still home to nine of the 21 most overpriced markets in the US.

Cape Coral-Fort Myers tenants lead the nation in paying 18.05% higher than long-term rentals.

Many other cities in Florida, including Miami, North Port, Tampa, Orlando, Deltona-Daytona Beach, Palm Bay-Melbourne, Jacksonville, Lakeland, also have some of the highest rental costs in the country.

The average rental premium in the US is 7.40%.

Average monthly rent in South Florida is about $400 higher than you might expect, according to the FAU, up 14% year-on-year.

“As a state, we must understand that the current rent crisis is undermining our economic growth potential and making life difficult for service workers at reasonable distances from their work,” Johnson said.

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With rents skyrocketing over the past two years, short-term leaseholders can get more value out of converting their property to long-term rentals, Johnson said.

He added that HOA councils that decide to loosen or eliminate rent restrictions will increase the value of real estate for their tenants.

Don Adams is among those looking for an apartment on Treasure Coast.

“2/1 is currently $2,100 to $2,500 in a good area,” Adams said.

The search for a new apartment turned into an expensive hunt for Adams, which disappointed him.

Adams is looking for a home for his mother, who currently pays just under $800 a month at Fort Pierce.

“I think this is a situation where not only my mother but many other residents of St. Lucie County and Indian River County are feeling very stuck,” she said.