Report: Florida Renters Struggle With Housing Costs
Nearly 905,000 low-income renters in Florida pay more than 40% of their income on housing. Efforts to increase affordable units continue as homelessness rises.
GAINESVILLE, Fla. — Nearly 905,000 low-income renter households in Florida are struggling to afford their housing costs, according to the 2025 Statewide Rental Market Study, released by the University of Florida’s Shimberg Center for Housing Studies.
Prepared for the Florida Housing Finance Corporation, the report provides a comprehensive look at the state’s rental housing conditions and is used to guide funding decisions for Florida Housing’s multifamily programs, including the State Apartment Incentive Loan (SAIL) program.
“Florida’s strong population growth has collided with limited housing supply, pushing rents beyond what many families can afford,” said Anne Ray, manager of the Florida Housing Data Clearinghouse at the Shimberg Center. “This report helps policymakers and housing providers target resources where the need is most acute – including communities that are experiencing the fastest growth and the greatest affordability gaps.”
Key findings from the 2025 study include:
- A growing affordability gap: An estimated 904,635 renter households earning below 60% of their area median income (AMI) are cost burdened, paying more than 40% of their income toward rent. These households are spread across the state, with 64% in Florida's nine most populous counties, 33% in mid-sized counties and 3% in small, rural counties.
- Surging population and higher rent and housing costs: Between 2019 and 2023, Florida added more than 1 million households – nearly 195,000 of them renters – driven by in-migration from states like New York, Illinois and California. Despite the addition of more than 240,000 multifamily units, median rent soared nearly $500 per month, from $1,238 to $1,719.
- After years of growth, Florida's older renter population is holding steady: Renters age 55 and older represent 39% of cost burdened households, up from 29% in 2010 but similar to 2022 numbers.
- Most renters are working: 79% of renter households include at least one employed adult, compared to 67% of owner households. Most non-working renters are seniors or people with disabilities.
- Homelessness is on the rise: The report estimates 29,848 individuals and 44,234 families are without stable housing, up from 2022, as hurricanes and tight markets contribute to displacement.
- Assisted housing provides an alternative to high-cost private market rentals: Developments funded by Florida Housing, HUD, USDA and local housing finance authorities provide over 314,000 affordable rental units statewide.
- Future risks to affordable housing stock: More than 33,000 publicly assisted units may lose affordability protections by 2034 unless renewed.
Evaluating affordable housing in Florida
“State- and federally assisted rental housing developments are essential to providing stable, affordable homes for Florida’s workforce, seniors and people with special needs,” Ray said. “Florida Housing Finance Corporation’s programs make up a significant portion of this housing, and our study helps ensure those resources are directed where they’re needed most. Preserving these developments – and expanding them – is critical to keeping pace with Florida’s growing population and maintaining affordability.”
Since 2001, the Shimberg Center has produced the Rental Market Study every three years to inform strategic investments in affordable housing across Florida. The study evaluates needs across regions and among key populations including seniors, people with disabilities, farmworkers and others. The Rental Market Study and the Florida Housing Data Clearinghouse are part of a 25-year partnership between the Shimberg Center and Florida Housing Finance Corporation to support data-driven housing policy and planning.
Source: University of Florida
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