Rent prices are declining across Florida, averaging $2,400 in February 2024, down 1.37% from January. Yet, despite this drop, costs remain high compared to the national average. Lawrence Yun, NAR’s chief economist, attributes this to increased construction of new homes in the state, creating more renters but also excess supply. While new construction helps alleviate shortages, high demand likely prevents significant price drops. In some expensive cities like Miami, Fort Lauderdale, and Sarasota, rent prices even increased in February, showcasing the ongoing complexities in Florida’s rental market.
Bottom Line: Rent prices are falling in Florida, but high demand and new construction may limit significant decreases, especially in pricey cities.
Neal's take
I liked this article from the Chicago Tribune because it looks at build-to-rent from the perspective of the tenant. And I am learning more and more to look at it the same way. Recently, I traveled to Idaho Falls, to interview our tenants to help us understand why they consider build-to-rent to be superior to apartments. Will be sending you those videos separately, in addition to this article.