Why did the rent increase so much? Much higher demand than before?
Professional landlords have built empires on low interest rates -> interest rates go up -> landlords pass the cost onto renters (or for smaller landlords, exit the market, potentially reducing supply further)
It's insanely city-centric, because the state is literally a swamp or sun-scorched grassland.
On top of that, add a lot of foreign buyers, for various cultural, geographical, and political/economic-stability reasons (e.g. if you're a wealthy Haitian).
On top of that, add a constant stream of snowbirds [0] and retirees.
On top of that, add a huge tourist economy.
At the end, you get a housing market that's really unstable (up and down).