In January, revenue change in Florida apartment markets experienced a surprising drop from the surges that market saw in 2021 and 2022, according to data from Realpage Market Analytics.

For context, 17 of the nation's largest 150 apartment markets are in Florida. Those 17 markets saw revenues decline an average of 3.4% in the year-ending January. In contrast to the Florida market, the 16 California apartment markets in the top 150 saw revenues fall an average of 0.7%. At the same time, the 11 Texas markets experienced average declines of 2.6%. And US revenues were unchanged for the year.

Until recently, the state of Florida was seeing record high annual revenue growth, which peaked at close to 20% in February 2022.  This growth was largely due to the pandemic and its subsequent work-from-home trend. Many individuals relocated to small affordable beach towns in Florida during this time, which caused the rental housing market to explode. In response to this explosion, developers increased their construction pipelines. However, as inventory began to surge, revenues started to cool.