Dubbed “The Sunshine State," Florida is known for its sunny reputation. The weather is nearly perfect year-round, and almost the entire state is surrounded by the ocean. You're never more than a couple hours away from the beach, and the majority of Floridians are even closer than that. It's no wonder so many people choose to move to Florida to get away from the cold.
With an increase in popularity, more and more people are choosing to live in desirable Florida cities. And, an increase in demand means and increase in price for the housing market. It's important to pay attention to these prices when deciding where you can afford to rent.
Here are the locations where rent has jumped the most over the past year.
Maitland is a small city that's part of the Greater Orlando area. With a number of parks, museums and an active arts and history community, Maitland offers its citizens culture and accessibility.
Being near Orlando is attractive to young families and business people alike. The price for rentals has increased by 11 percent in the past year for these reasons.
Orange Park is a small town located along the St. Johns River, south of Jacksonville. With beautiful views of the river, Orange Park offers its residents a peaceful escape from the hustle and bustle of downtown Jacksonville.
It has a number of well-kept golf courses, shopping plazas and scenic restaurant views. For all of these reasons, residential lease prices have continued to grow by 11 percent.
Brandon is a town located in Hillsborough County which has become increasingly popular due to its proximity to Tampa.
There are a large number of work opportunities in the Tampa area and a large number of smaller, quieter towns in which to live for commuters. Brandon offers its residences a thriving Chamber of Commerce with a steadily growing economy. The rent for this town has increased by more than 14 percent in the last year, alone.
Wesley Chapel is located in Pasco County. Close to Tampa, Wesley Chapel is a quiet community with a growing rental market.
The residents of Wesley Chapel are comprised of commuters who might not prefer to live in downtown but enjoy the option of being close by. More and more luxury communities are popping up in Wesley Chapel, making it a desirable place to live.
Also, a brand new AdventHealth hospital opened in 2016, which has caused an increase in the demand in residents looking for rental properties. Safety and proximity to emergency services are a huge benefit to any resident looking to rent. From 2018 to 2019, the rental price in Wesley Chapel has increased by more than 15 percent.
Winter Springs is part of the Orlando-Kissimmee-Sanford Metropolitan Area. It's just north of Orlando. The city offers a residential, suburban feel to it, which is very popular among its new family residents. Single-family residences alone have increased by 2.9 percent among metropolitan areas according to CoreLogic.
Because the majority of people own their own homes in Winter Springs, the rental market has been experiencing an increase in price. The number of rentals available has been decreasing, whereas the demand for rentals has been increasing. In the last year alone, rental prices have increased by 17 percent.
With a high median income and a staggeringly low unemployment rate, Lutz is a gem in hiding. Located about 15 miles north of Tampa, most residents commute from Lutz to Tampa for work.
Lutz offers a quiet, calm escape from the bustling city of Tampa, which is why its residents enjoy it so much. With an established school system and a growing economy, rent prices are steadily increasing here, increasing by almost 18 percent from 2018 to 2019.
Located just west of Destin, Fort Walton Beach is a town that is sure to win you over. Situated along the waters of the Gulf of Mexico, Fort Walton is gorgeous.
Its pristine landscape along the beach has created a flux of new residents and new housing developments. Living here means being in full-time “beach mode," but at a cost. The rent prices for Fort Walton Beach have increased by 18 percent from 2018 to 2019.
Crestview is a small city located about 45 minutes north of the popular beach town, Destin. This panhandle city is situated near the Yellow River, which is a common hiking and fishing destination.
Because it's so close to the beach, but far enough so that its residents don't have to deal with vacationers, Crestview's rent prices are increasing with its popularity. Rent here has increased just north of 20 percent in the past year.
Best known as home to The University of Florida, Gainesville is located between Tampa and the Florida-Georgia line. Development projects are increasing in Gainesville because of the increased number of students making this area their home.
And, with the increasing demand in housing, prices are sure to follow. Rent prices have increased by more than 22 percent in the past year alone.
The average rent increase in Seminole tops this list. Rental prices have jumped almost 23 percent in the past year.
Located in Pinellas County, Seminole is just northwest of St. Petersburg. Nearly 95 percent of this city's 18,000 people have achieved a high school diploma or higher according to the United States Census Bureau. And, with an extremely low poverty rate and a large amount of business and job opportunities, it's no wonder that Seminole's rent prices have increased so much. Simply put, Seminole is a desirable place to live.
Curious how cities across the rest of Florida fare when it comes to climbing rent prices?
From the panhandle to the bottom of the peninsula, these 50 cities have all seen rent jump by more than 2 percent from one year ago.
|Rank||City||State||Average 1-BR Rent||YoY Price Trend|
|4||Fort Walton Beach||FL||$1,077.33||18.54%|
|16||West Palm Beach||FL||$1,660.04||9.71%|
|18||North Miami Beach||FL||$1,341.00||9.60%|
|24||New Port Richey||FL||$822.00||7.84%|
|38||Palm Beach Gardens||FL||$1,468.74||4.07%|
Looking for a bargain? Here at the very bottom of our list, you'll find 20 cities in Florida where rent prices are actually going down. Some might surprise you.
|Rank||City||State||Average 1-BR Rent||YoY Price Trend|
The rent information included in this article is based on multifamily rental property inventory on ApartmentGuide.com and Rent.com from July 2018 to July 2019 and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
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