Good news for Floridians: rents are finally starting to ease up in some of the state’s biggest cities! After years of skyrocketing costs, a recent report from Redfin shows that places like Jacksonville, Tampa, Orlando, and Miami are now seeing some of the highest rent declines in the country.
Florida’s Rent Drop: Breaking Down the Numbers
According to Redfin’s October 2024 report, Jacksonville saw an impressive 12% drop in rent compared to the same time last year, making it the second largest decline in the country, right after Austin, Texas. Tampa also experienced a significant dip at 6%, followed by Orlando with a 4.8% drop, and Miami coming in with a 3.8% decline. While the percentage may vary, the trend is clear: rent relief is on its way for some of Florida’s biggest metropolitan areas.
What Are the Current Median Rents?
For those wondering if rent is still steep despite these decreases, here’s a quick look at the current median prices:
- Jacksonville: $1,650
- Tampa: $2,100
- Orlando: $2,065
- Miami: $3,150