Rent Is Officially Going Down In Several Florida Cities Right Now
The pandemic has caused rent rates to drop across the state.
A new look into the apartment market by Apartment List shows several Florida cities have seen rent rates drop over the past few months due to the pandemic.
In Orlando, rent growth has seen a 2.1% decline since the start of the pandemic in March, with median rent for a two-bedroom apartment hovering around $1,270. Clearwater has seen a rent cost drop of .7%, with a median price of $985 for a one-bedroom and $1,226 for a two-bedroom apartment.
As tourism ground to a halt at the onset of the pandemic, we predicted these cities would be particularly vulnerable because they have the 2nd and 3rd highest shares of workers facing extreme employment risk.
Miami also saw a 2% decline in rent rates. Other Florida cities that have seen a modest rent decrease include Ft. Lauderdale, Deerfield Beach, Wellington, Delray Beach, West Palm Beach, Kissimmee, and Sarasota, among others.
While landlords dropped their rates to bring in new tenants to fill vacancies, prices increased in Orlando by about 0.2% in the last month.
The Apartment List analysis reports cities that relied the heaviest on saw the biggest decline in rent prices.