Rent Prices Are Dropping In Florida’s Most Populous Cities

 

ORLANDO, Florida - The median apartment asking rent in America rose 0.7% year over year in June to $1,654, the biggest gain in over a year and the highest median price since October 2022. That’s according to a new report from Redfin.

Florida,  however, is bucking the national trend. The Sunshine State’s four most populous metro areas are seeing rent prices decline. 

Jacksonville’s median asking rent fell 12.4% year over year in June—the metro’s biggest drop in records dating back to 2019. Tampa posted a 6% decline—also the largest on record. In Orlando and Miami, rent prices fell 4.8% and 3.8%, respectively.

“It’s a good time to hunt for bargains if you’re a renter in Florida,” said Redfin Senior Economist Sheharyar Bokhari. 

“With so much supply on the market, renters may be able to get concessions like free parking or discounted rent. But renters in Florida should be aware that landlords are grappling with surging home insurance costs, and they may ultimately ask tenants to foot the bill via higher rents.”