Florida rents plummet amid surplus, bucking national trend
Florida’s largest cities have seen significant declines in rent prices, diverging from the national trend of rising rents, primarily due to an oversupply of rental units from increased apartment construction during the pandemic.
Florida’s rental market has recorded a sharp decline in rent prices across its largest cities, diverging from the national trend of rising rents, with falling prices in Jacksonville, Tampa, Orlando, and Miami.
According to a real estate report published Wednesday by Redfin, Jacksonville saw the most significant drop, with median asking rents decreasing by 12.4 percent year-over-year in June, marking the largest decline on record for the city. Tampa saw a 6 percent dr...
