Rent in Orlando area up nearly 25%, doubling national average
Rent in Orlando area up nearly 25%, doubling national average
Rent has increased more than double the national average in the last year and it's hitting residents' wallets.
Orlando, Fla. - Rent has increased more than double the national average in the last year and it's hitting residents' wallets.
Rent is through the roof in Central Florida. According to the market analyst group, CoStar rent has increased 23.6% in the last year, which is more than double the national average.
Devonte Bradshaw says he's been apartment hunting and says it feels impossible to find the perfect spot.
"It’s been kind of difficult mostly because of the prices and stuff," said Bradshaw. "I’m working two jobs right now and it’s still kind of hard."
Senior Market Analyst with CoStar Group Erin Amon-Surlis says the record-breaking increase over the last year is a reflection of the current housing market.
"What that reflects is incredibly strong housing demand. You’re seeing population growth, people moving to the market," said Amon-Surlis.
However, she says there is a silver lining. She says as more apartment complexes are built in the Orlando area, it will push for more competition and potentially a decrease in rent.
"The only real thing they have is competing with one another and therefore some will need to offer concessions or lower their asking rate," said Amon-Surlis.
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