This song is getting old, isn’t it?
Orlando continues to be one of the worst markets in the nation for renters. The city saw one of the worst year-over-year increases in average rent in the nation between April of 2021 and 2022.
That’s according to a new study from Florida Atlantic University in Boca Raton. The study measured not only year-over-year increases in average rent, but also created a model that showed where average rent should be if the historical trends had held. Orlando scored poorly on both metrics, with average rent increasing by 23% since last year. The average rent in Orlando, per the data, is currently $1,999.
According to FAU’s model, this is well above forecasted rents based on historical price increases. Had this recent spike in prices not occurred, FAU researchers posit that rent in Orlando should have been somewhere around $1760.
Overall, Orlando was the ninth-worst metro in the nation in year-over-year increases. And if you’re looking for relief, you won’t find it anywhere around here. Eight of the Top 10 metros for rent increases were in Central and South Florida. Fort Myers, Miami and Sarasota made up the top three while Tampa came in at No. 5, with a year-over-year increase of ~27% and an average rent of $2055.