BOCA RATON, Fla. – High rent increases remain the norm across Florida and beyond, and the Federal Reserve’s recent interest rate hike is unlikely to improve the landscape for cash-strapped renters, according to researchers at Florida Atlantic University (FAU) and two other schools.

The Waller Weeks & Johnson Rental Index, a collaboration started this year by FAU, The University of Alabama and Florida Gulf Coast University, finds that renters pay significantly more than expected based on historical trends in individual markets.

Metro Miami was the nation’s most overvalued rental market in May for the third consecutive month, according to the index. In Miami, renters were paying a premium of 22.70%.