Florida rental costs are slowly falling
Among the states, Florida had the highest percentage decrease (9.21%) in year-over-year rental prices in 2023, but monthly rents remained higher than the national average.
Rent.com reported that in January, Florida had the highest percentage decline (9.21%) in year-over-year rental prices in 2023 compared to other states.
Rent in Florida, however, remains high at $2,095 per month, compared to the national median rent of $1,964.
Jacksonville had the sixth-highest year-over-year increase (7.62%) in rents last year for an overall median rent of $1,717, while Orlando had a median rent of $2,119 after a 0.53% year-over-year decrease, according to Rent.com
Rent in Miami fell 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 per month.
Higher demand from an influx of residents to Florida and higher costs of building materials have kept rents high. Florida has also been squeezed by the impact of inflation on costs, as well as an influx of companies and investors buying homes and converting them to rentals.
However, rental costs have fallen as more rental buildings are built, increasing supply, and owners try to attract new tenants at lower prices.
According to a 2022 study of 107 rental markets in the United States, 10 of the 14 most valued markets were in Florida. In addition, employees move because their employers require them to return to the office.
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