Is Rent Going Down in Florida? Analyzing the Trends

Florida’s rental market has experienced significant shifts, prompting widespread interest in rent price trajectories. After substantial increases, a more dynamic landscape is emerging. This article explores Florida’s current rental market, examining overall trends, key driving factors, and regional variations. Understanding these dynamics clarifies whether rent prices are stabilizing, rising, or declining.

Overall Rent Trends in Florida

Florida’s rental market has seen a notable deceleration in rent growth following rapid escalation. As of July 2024, the median rent in Florida is approximately $2,500, a modest $100 decline from the previous year. This signals a slowdown in rent increases, representing a shift from earlier trends where statewide rental prices climbed nearly 40% between 2019 and 2023.

Median monthly rent rose from $1,187 in December 2020 to $1,545 in December 2023, peaking around June 2022. A steady decline in rental prices followed for approximately 18 months. This moderation is partly due to a significant increase in available rental units, including multi-family apartments and single-family homes, providing renters with more options and negotiation power.

Despite recent moderation, overall rental costs remain elevated, posing affordability challenges for many residents. The influx of new residents continues to fuel demand, even as new construction aims to balance the market. Florida’s rental market is undergoing a rebalancing period, moving from intense growth to more stabilized pricing.

Key Factors Influencing Rent Changes

The interplay between housing supply and demand is a primary driver of rent price changes in Florida. The state experienced substantial population growth, adding over 365,000 new residents in 2023 alone, and is projected to gain 1.4 million more by 2030. This continuously fuels demand for housing, including rentals, as people are drawn by job opportunities, a favorable tax environment, and climate.

On the supply side, new apartment construction has reached levels not seen since the 1980s, significantly boosting rental unit inventory. However, rising interest rates have begun to slow new construction permits, potentially limiting future supply growth. Building material costs have also increased, with some builders seeing nearly 12% cost increases in the past year, translating to higher development costs and, subsequently, higher rents for new units.

Broader economic conditions also influence rental market dynamics. High living costs and inflation strain household budgets, impacting renters’ ability to afford housing. While wages have grown, the income needed for typical apartments remains a challenge for many Floridians, with a considerable portion categorized as “rent-burdened.” Florida’s landlord-friendly regulations, including no statewide rent control and streamlined eviction processes, attract real estate investors, further influencing supply and pricing strategies.

Variations Across Florida Regions

Rent trends in Florida vary significantly by region. Major cities like Miami, Orlando, and Tampa have experienced differing trajectories. Miami, despite adding new rental units, remains competitive but has seen recent declines in asking rents. In March 2025, two-bedroom apartments in Miami experienced a 7.7% year-over-year drop, with one-bedroom units seeing a 5.9% decrease. Conversely, Miami-Dade County also saw a 3.2% rise in median multifamily asking rents in November 2024, indicating complex local dynamics.

Orlando experienced a 1.9% decline in year-over-year rent growth in Q2 2024, reflecting increased rental unit availability. However, some data suggests a modest median rent increase of $50 between September 2023 and September 2024, indicating a mixed picture of stabilization and slight growth. Tampa’s rental market also saw declines, with a 10.4% decrease year-over-year to a median of $1,737 in December 2024, and a 1.5% decline in Q1 2024. Despite these drops, Tampa is forecasted to recover with an expected 3.6% growth by Q4 2024.

Jacksonville experienced negative rent growth, with a -3.6% year-over-year rate as of late 2023, largely due to a surge of new units. Projections anticipate a turnaround, with an average rent growth rate of 2.4% year-over-year by the end of 2024. Smaller markets like Palm Coast have seen rental drops exceeding 10%, while areas such as North Port, Lakeland, Deltona, and Cape Coral continued to experience rent increases driven by strong local demand. These regional disparities highlight how localized job markets, industry growth, and new development contribute to diverse rental outcomes across Florida.

Understanding the Current Rental Market Landscape

Florida’s current rental market presents a nuanced picture, combining recent trends, influencing factors, and regional variations. Overall, the market is transitioning from aggressive rent hikes to greater equilibrium. Substantial new apartment construction, particularly in 2024, has increased supply, easing upward pressure on prices. This increased inventory provides renters with more choices and negotiation leverage, contributing to statewide moderation and even declines in certain areas.

Despite cooling trends in some segments, demand for rental housing remains robust due to Florida’s ongoing population growth and strong in-migration. The market is characterized by a dynamic tension where increased supply meets persistent demand. While some areas see rental price adjustments downward, others continue to experience modest increases, especially for properties meeting the growing population’s affordability needs.