Is Florida becoming more affordable for renters?

Jun 18, 2024

2 min

Ken  Johnson, Ph.D.

Between high interest rates, an influx of newcomers eager for housing and inflation taking a toll on the cost of almost everything - it's been an expensive year for anyone living in Florida.

But it appears the tide might be finally turning on high costs and the price to rent a place in the Sunshine State might be going down.

It's a trend that has media looking for answers and experts like Florida Atlantic's Ken Johnson getting calls to provide his insight, opinion and expertise on the topic.

Florida Atlantic University recently released a new study showing that the state’s rental markets might be stabilizing.

In the release, FAU officials announced that rents in areas like Palm Bay and Jacksonville have recently gone below their long-term pricing trends.

Meanwhile, the data indicates that other major cities in the state — such as Cape Coral, Orlando and Deltona — saw only slight increases in rent prices, with price increases gradually slowing down.

As such, it could be a sign that many renters statewide could soon see lower prices.

“While these measures are small, they are a positive sign of where the rental market could be heading in the future,” said Dr. Ken Johnson, a real estate economist with FAU’s College of Business. “These Florida cities are renting at a discount compared to their historical averages, and others appear to be heading in that direction, suggesting that rental markets around the state are stabilizing.”  June 06 - Click

Florida may be an interesting case study on what lies ahead.

  • Will these rental trends in Florida start to appear nationally?
  • Who will best benefit from lower rents and what will it mean for the economy?
  • Will lower rents attract more people to Florida and could that reverse this trend?

There's a lot to know and understand about the rental market. And if you're a journalist covering the topic or looking to know more - then let us help.

Ken H. Johnson, Ph.D., an economist and associate dean in FAU’s College of Business, is available to speak to the media. Simply click on his icon to arrange an interview and time.

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Ken  Johnson, Ph.D.

Ken Johnson, Ph.D.

Associate Dean

Ken Johnson's research covers housing, housing cycles, and mortgage markets.

Rental HousingReal Estate MarketsHomeownershipReal EstateReal Estate Economics

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