Rents decreased in 71 of the U.S.’s 100 largest metropolitan areas in December 2022. However, rental markets in Florida remain overvalued, according to the Waller Weeks and Johnson Rental Index, a collaboration by researchers from Florida Atlantic University, University of Alabama and Florida Gulf Coast University. The most overpriced rental market in the nation in December was Cape Coral-Fort Myers, where renters paid 17.85% more than they should based on a history of rents. The market’s average rent in December was $2,251, up 1.25% from November. North Port-Bradenton is the next most overvalued market with a 14.72% premium, followed by Miami at 14.66%.