The squeeze on Orlando-area renters is still in effect.
Given the meager wages on offer in the Sunshine State, rents have long been in the “get a second job” level of unsustainable for many adults in the metro. That shows no signs of slowing down, as Orlando had the second-largest rent increase in the nation last quarter.
Living near the ‘Most Magical Place on Earth’ has some benefits but they will be costly. An analysis done by The Business Journals of second-quarter rent data found Orlando to place second among all U.S cities for year-over-year rent increases at 27%.
The national average was a 17% increase in rent annually, landing at an average national monthly rent of around $1,736. That’s a jump of almost $250 per month from last year.
“The current rate of year-over-year growth is unsustainable — and this isn’t news to anyone who is paying rent in Orlando,” Lisa McNatt said, the director of market analytics for CoStar Group told Orlando Business Journal. “That cannot continue if you’re expecting to put people in the apartments that are being delivered.”
The Sunshine State dominated the list for the U.S cities with the highest yearly rent jumps. Fort Lauderdale won first place with a 29% average and Miami was right behind Orlando with almost 27%.
The future may seem bleak for many Orlandoans, however there is some light at the end of this tunnel. Orange County is investing $16 million in incentives for building affordable housing. The county commission is also considering putting a rent control ordinance on the ballot in November.