Rent Prices In Florida Decline, Bucking National Trend, Is This Perfect Decision?

DEBARYLIFE – Researchers at two other universities and Florida Atlantic University claim that rent in the state is finally starting to decline relative to the national average.

According to data from the Waller, Weeks, and Johnson Rental Index for March, the yearly national rent increased by 3.57%.

In contrast, rent growth in all of Florida’s major regions that were measured was less than that amount.

According to the Waller, Weeks, and Johnson Rental Index, the average rent in Jacksonville is $1,730.73, even though it should be $1,731.79 instead.

The month-over-month and yearly rent increases were 0.76% and 1.29%, respectively.

Less than 3% was the annual rise in rent in Orlando, Palm Bay, Deltona, Tampa, Lakeland, and Miami.

SEE MORE – New Migration Trend! Retirees Seek Tennessee’s Tax Advantage, Milder Climate, What Changed

Rent costs decreased by less than 3% in North Port and Cape Coral on an annual basis.

Even with prices stabilizing, a typical rental apartment still requires a high household income to be afforded.

According to the index, a household’s income must be at least $69,229 to avoid renting out more than 30% of it.