Drew Dixon
Residential rental rates might have leveled off in the Sunshine State after three years of wild increases, according to a recently released Florida TaxWatch report.
Rental prices in Florida had skyrocketed in the wake of the COVID-19 outbreak, jumping from an average rental rate of $1,187 per month in December of 2020 to $1,545 in December 2023.
While the most recent December price seems high in comparison to pre-pandemic levels, the figure has actually declined in the past year, the report stated. The cost of a monthly rental unit has fallen in most metro areas in Florida since December 2022. A one-bedroom rental unit in Miami now runs $2,600 per month. That’s a 2.3% decrease over a year ago.
Fort Lauderdale, Orlando, Tampa and St. Petersburg all saw decreases in rental rates over the past year as well. Orlando had the biggest decrease in monthly rates, dropping 7.1% in the past year, falling to an average monthly rate of $1,570 per month for a one-bedroom apartment.
“Fortunately, initiatives like the ‘Live Local Act’ of 2023 have helped the rental market begin to stabilize, but the Florida Legislature must continue to support renters and ensure Florida remains both a desirable and affordable place to live and work,” said Jeff Kottkamp, Executive Vice President, General Counsel and Acting CEO and President of TaxWatch, a state government watchdog group.
Jacksonville and Tallahassee were the only two large metro areas that saw annual increases in monthly rental rates. Jacksonville had a 1.6% increase in the past year to $1,270 per month for a one-bedroom apartment. Tallahassee’s rental rate jumped to $970 per month on average for a one-bedroom unit, a 4.3% annual increase. But both of those cities saw a decrease in rental rates over the year for two-bedroom units, which fell about 2% in each city.
While the decrease in most rental markets in the state is welcome news, TaxWatch warned rental rates are still inordinately high. The watchdog group warned that as more and more new residents are flooding the state, the chance of any significant drop in rental rates in the near future is not likely.
“Florida is still welcoming an influx of new residents, from young families to retirees, every single day, but affordability — which is largely driven by housing costs — determines whether they will stay in our great state,” Kottkamp said.
6 comments
Earl Pitts "Sage Political Expert Emeritas" American
March 4, 2024 at 6:14 am
Good Morn ‘Ting America,
Our Great Nation, and The Entire State of Florida,
(with the exception of 6 or 8 Dook 4 Brains Lefty posters below) give a Big Shout-Out to Ron and The Beautiful Casey DeSantis for their Trail-Blazing setting the bar for the rest of The Nation on Turning this 8iden-Nomics 3.5 year Horror Story around.
Kudos Ron & Casey from Earl and the rest of a Great-Full Nation.
Earl Pitts American
*Queue Loud Patriotic USA USA USA Music to Further “WHIZZ-OFF” those 6 or 8 Dook 4 Brains Lefty posters who are sure to “Chime-In” with their “Leftist Screed” in a lame attempt to cast shade on Earl, Ron, and Casey.*
JD
March 4, 2024 at 7:55 am
Ah, Shitts, while your enthusiasm for the DeSantis duo is as palpable as Florida humidity, let’s sprinkle a little factual seasoning on this sunny narrative omelet. Sure, we might give a tip of the hat for any dip in rental prices, but let’s not throw a parade just yet. It’s like celebrating finding a dollar on the sidewalk while ignoring the hole it came out of—your pocket, which is now missing a wallet.
Rental prices, while showing a slight dip as per your jubilant announcement, have climbed the ladder so high in recent years that even a modest step down feels like a victory. But let’s be real, it’s like congratulating a mountain for being an inch shorter this year. Great, but I’m still out of breath looking at it.
And about that data point you’re waving like a victory flag? It’s just one star in the sky, Shitts. A single data point doesn’t quite capture the whole picture, much like one “Trail-Blazing” act doesn’t quite fix an economy faster than you can say “8iden-Nomics.” It’s a bit like judging an entire movie based on the trailer or an entire meal on the appetizer. Tasty, perhaps, but not quite filling.
So, while we’re all for celebrating the small wins, let’s not forget the mountain we’re still climbing. After all, a single drop of rain doesn’t mean the drought’s over—it just means you might need to dust off your umbrella. Keep the patriotic tunes coming, Shitts, but maybe lower the volume until we’ve got more to sing about.
rick whitaker
March 4, 2024 at 9:12 am
jd, you straightened out that convoluted mess that earl shitts posted. he is such an idiot. he rarely, if ever, says anything anyone would gain from. for that reason i plan to continually point out the redneck crudeness of his mess. one thing i praise him on though, he shows people why they should vote for sanity by voting for biden. that appears to be the opposite motive he has, but his ignorance, hatred, racism, misogyny, and sexual perververtness drive readers to wanting to do the opposite of what that creep earl pitts touts. what a loser. jd, you seem to know how to deal with that pos. good for you
Dont Say FLA
March 4, 2024 at 12:43 pm
But pops, lower rents, that attracts more renters. You know, “ren-N-ters.” Umm. “Democrats” I think is what they’re called these days. Or, as Ross Perot said, “those people.”
Rents are down in the country, but up in the city. What that will do is to relocate easy-to-move renters from blue city/suburban districts to red rural-burban districts, creating ever expanding purple rings around each of our cities that leave a blue interior as the purple ring expands.
“Live Local Act” was really the “move out from the city” act. I know they meant well, but I think our GOP guys might have messed up long term with that act as renters move out from the cities and turn red districts purple.
PeterH
March 4, 2024 at 11:23 am
Real estate prices, real estate insurance rates and apartment rental prices are now the primary inflation drivers in Florida and in many US states.
Dont Say FLA
March 4, 2024 at 12:31 pm
Rents will be going directly back up and keep going up and up and up now that Florida’ G0P has made it illegal to be homeless.
Anything required by law but provided by corporations, such as property insurance and car insurance and now some place to stay, it’s all a ruse for price gouging because what choice do you have but to pay whatever the market demands when the demand is artificially created and inflated by the state?
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