Report Shows Florida’s Rental Crunch

TALLAHASSEE, Fla. — Florida’s rental market continues to tighten as population growth, higher rents and limited affordable options put pressure on households across the state, according to the 2025 Statewide Rental Market Study released by the University of Florida’s Shimberg Center for Housing Studies.

The report shows that Florida added more than one million households between 2019 and 2023 — including nearly 200,000 new renter households — but the supply of lower-cost rentals has not kept up. During that same period, the state gained over 240,000 multifamily units, yet rising demand pushed median rent from $1,238 to $1,719, marking a 39% increase.

Renters are working but still struggling

Despite strong job growth, the study found that 79% of renter households have at least one employed adult, underscoring how sharply housing costs have outpaced wages. Nearly 905,000 low-income renter households now spend more than 40% of their income on rent, putting them at high risk of housing instability.

Older Floridians are also feeling the strain. Renters age 55 and up now account for nearly 40% of cost-burdened households, reflecting a steady rise in older residents relying on the rental market.

Housing instability rising statewide

The report highlights growing instability among families and individuals. An estimated 29,848 individuals are homeless in Florida. This includes 23,799 sheltered and unsheltered individuals and 6,049 unaccompanied youth doubled up with others and in hotels and motels.

An estimated 44,234 families with children are homeless. This includes 2,387 sheltered and

unsheltered families and 41,847 families doubled up with others and in hotels and motels.

Affordable housing is critical — and at risk

Florida’s publicly assisted housing remains a key safety net, with 314,200 affordable rental units supported through state, federal and local programs. But a significant share of this stock faces uncertainty. More than 33,200 units could lose affordability restrictions over the next decade if older contracts expire without renewal or new preservation funding.

The study emphasizes that preservation — not just new construction — will be essential. Keeping existing units affordable is often faster and more cost-effective than building replacements, especially in markets where land, labor and insurance costs make new projects difficult to finance.

Statewide trends show a clear need

Across Florida’s urban, suburban and rural counties, the trends point in the same direction:

• Rapid in-migration continues to fuel demand for rentals.
• New construction helps but is not reaching the price points where the need is greatest.
• Smaller households and older residents increasingly depend on rentals.
• Cost burdens remain high even among full-time workers.

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