Florida Rent Prices Decline In 3 Large Metros

ORLANDO, Florida  — While the national rental market shows signs of stabilization, Florida’s metropolitan areas present a mixed bag, with some cities experiencing declines and others showing modest gains, according to a new report from Redfin.

In Florida, Jacksonville saw one of the steepest drops nationwide, with median asking rents falling 6.7% year over year to $1,455—the third-largest decline among the 44 major U.S. metro areas Redfin analyzed. Tampa‘s median asking rent dipped slightly by 0.5% to $1,773, though it recorded a significant month-over-month increase of 2.8%. Orlando experienced a 1.9% year-over-year decline to $1,739, while Miami bucked the downward trend with a 1.5% increase to $2,412, the highest among Florida metros reported.

Nationally, the slight uptick in asking rents follows a period of relative stability. After surging as much as 18% year over year during the 2021 pandemic moving frenzy and dropping up to 4% in 2023, U.S. rents have been largely flat for the past 10 months as rental supply and demand neared equilibrium.