Rental rates nationwide are beginning to accelerate, with asking rent on a one-bedroom unit increasing 1.5% this month to $1,526 and rent for a two-bedroom unit increasing 1.9% to $1,900.

"We may have finally returned to the first normal renting season since 2019," said Anthemos Georgiades, CEO of Zumper, which tracks rents nationwide in its National Rent Report. "Following a soft winter, last month our national index recorded the highest monthly gains since the Fall of 2022 and rent growth has begun to accelerate into summer."

On the heels of a large influx of rental supply – 66,000 new units delivered at the end of the first quarter – several Florida cities saw a decrease in rents after two years leading the nation in price hikes. Orlando, Jacksonville, Tampa and Miami experienced the largest added supply and all four had negative rent growth, according to the index. Rents in Jacksonville were down the most at 5.4% followed by Orlando at 3.1%, Miami at 2.1% and Tampa at 1.8%.