Are you wondering how rental prices are doing in Florida? Below, we looked at rental prices in the major metro areas and compared them year over year and month over month to see where rent is dropping the most. The rental data is as of March 25, 2024.
Places in Florida with the Biggest Month-over-Month Rent Decline
The top 5 places in Florida where rental prices are seeing the biggest month-over-month decline are spread across different regions of the state. Clewiston, located inland in South Florida, experienced the most substantial decrease with a 37.5% month-over-month drop in median rent.
Lake City, located in North Florida, followed with a 19.15% decrease in month-over-month rent. In Central Florida, The Villages, a retirement community, saw a 9.81% reduction, while on the Gulf Coast, Homosassa had a 5.56% decline.
1. Clewiston
- Median Rent: $2,000
- MOM Change: -$750
- % Change (MOM): -37.50%
2. Lake City
- Median Rent: $1,175
- MOM Change: -$225
- % Change (MOM): -19.15%
3. The Villages
- Median Rent: $2,568
- MOM Change: -$252
- % Change (MOM): -9.81%
4. Homosassa
- Median Rent: $1,800
- MOM Change: -$100
- % Change (MOM): -5.56%
5. Key West
- Median Rent: $5,100
- MOM Change: -$100
- % Change (MOM): -1.96%
6. Tallahassee
- Median Rent: $1,425
- MOM Change: -$25
- % Change (MOM): -1.75%
Places in Florida with the Biggest Year-Over-Year Rental Price Drops
Aside from looking at rentals and comparing them on a monthly basis, we also looked at the places where rent took the biggest decline compared to the previous year. The top five areas with the biggest drops in year-over-year median rent prices include Punta Gorda in southwest Florida, where the median rent decreased by 15.74% year over year.
Miami, located in southeastern Florida, followed closely with a 13.85% reduction in rent prices year over year, while West Palm Beach, also in southeastern Florida, experienced an 11.11% decrease in YOY rent prices.
Additionally, Tampa on the Gulf Coast and Tallahassee in the Florida Panhandle saw drops of 8.24% and 7.02% respectively.
1. Punta Gorda
- Median Rent: $2,700
- YOY Change: -$425
- % Change (YOY): -15.74%
2. Miami
- Median Rent: $3,250
- YOY Change: -$450
- % Change (YOY): -13.85%
3. West Palm Beach
- Median Rent: $2,700
- YOY Change: -$300
- % Change (YOY): -11.11%
4. Tampa
- Median Rent: $2,125
- YOY Change: -$175
- % Change (YOY): -8.24%
5. Tallahassee
- Median Rent: $1,425
- YOY Change: -$100
- % Change (YOY): -7.02%
6. Palatka
- Median Rent: $1,507
- YOY Change: -$93
- % Change (YOY): -6.17%
7. Cape Coral
- Median Rent: $2,425
- YOY Change: -$140
- % Change (YOY): -5.77%
8. Homosassa
- Median Rent: $1,800
- YOY Change: -$100
- % Change (YOY): -5.56%
9. North Port
- Median Rent: $2,275
- YOY Change: -$120
- % Change (YOY): -5.27%
10. Jacksonville
- Median Rent: $1,670
- YOY Change: -$83
- % Change (YOY): -4.97%
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