Florida’s Rent Costs Are Slowly Dropping
Among states, Florida had the highest percentage of decline (9.21%) in rent prices year-over-year in 2023, but monthly rent remains higher than the nation’s average.
JACKSONVILLE, Fla. – Rent.com reported that in January, Florida had the highest percentage of decline (9.21%) in rent prices year-over-year in 2023 compared to other states.
Rent in Florida, however, remains high at $2,095 monthly, compared with the national median rent of $1,964.
Jacksonville had the sixth highest year-over-year increase (7.62%) in rents last year to a total median rent of $1,717, while Orlando had a median average rent of $2,119 after a 0.53% decline year over year, according to Rent.com.
Miami rent declined 7.67% year over year in 2023 to a median average of $2,915, and Tampa experienced a 2.57% year over year decline to $2,102 a month.
Higher demand from an influx of residents into Florida and higher building material costs have kept rent prices high. Florida also has been squeezed by inflation's impact on costs, as well as an influx of companies and investors buying homes and converting them into rentals.
However, rental costs have dropped as more rentals are constructed, ramping up supply, and landlords try to attract new tenants with lower prices.
According to a 2022 study of 107 rental markets in the United States, 10 of the 14 most overvalued markets were in Florida. Additionally, workers are relocating as their employers require them to return to the office.
Source: Florida Times-Union (02/16/24) Bridges, C.A.
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