While median apartment asking rents are rising across the country, Florida is bucking the national trend.
According to a new report from Redfin, apartment asking rent rose 0.7% year over year nationwide to $1,654, the biggest gain in more than a year and the highest median price since October 2022. However, rent prices declined in the four most populous metro areas in Florida. Jacksonville experienced the biggest year-over-year drop in median asking rent in at least 5 years at 12.4% in June. Tampa Bay posted a record 6% decline, and in Orlando and Miami, rent prices fell 4.8% and 3.8%, respectively.
Rents also are falling in Austin, Texas, with a record decrease of 12.6% year over year.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
