Curious to know where rent is rising 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 going up. The rental data is as of March 25, 2024.
Places in Florida with the Biggest Increase in Rent Compared to Previous Month
To identify places where rent has increased the most, we compared rental data in Florida’s top metro areas to the previous month.
1. Okeechobee
- Median Rent: $2,050
- Rent Increase: $350
- Percent Change in Rent Month Over Month: 17.07%
Leading the pack is Okeechobee, located in central Florida, where median rent surged by 17.07% month over month.
2. Palatka
- Median Rent: $1,507
- Rent Increase: $257
- Percent Change in Rent Month Over Month: 17.05%
Following closely behind is Palatka, in northeastern Florida, with a 17.05% increase in rent. However, it’s important to note that when you look at Palatka’s year-over-year rental data, rent is actually going down by -6.17%.
3. Panama City
- Median Rent: $2,065
- Rent Increase: $265
- Percent Change in Rent Month Over Month: 12.83%
Panama City, located in the Florida Panhandle, also experienced a significant jump in rental prices, climbing by 12.83%.
4. Arcadia
- Median Rent: $2,350
- Rent Increase: $250
- Percent Change in Rent Month Over Month: 10.64%
Arcadia, located in southwestern Florida, saw a 10.64% increase in rent compared to last month.
5. Palm Bay
- Median Rent: $2,085
- Rent Increase: $127
- Percent Change in Rent Month Over Month: 6.09%
Palm Bay, on the east coast, has a rent increase of 6.09%.
Places in Florida with the Biggest Increase in Rent Compared to the Previous Year
We analyzed Florida’s rental data and compared it with the previous year to get a better understanding of the rental market.
1. Lake City
- Median Rent: $1,175
- Rent Increase: +$220
- Percent Change in Rent Year Over Year: 18.72%
Lake City’s rent had the highest increase, an 18.72% rise year over year. However, if we look at the data for the previous month, we can see a decline of 19.15%, indicating that the rent is starting to go down in Lake City.
2. Naples
- Median Rent: $6,000
- Rent Increase: +$1,000
- Percent Change in Rent Year Over Year: 16.67%
Naples, with a much higher median rent of $6,000 experienced a 16.67% YOY rent hike.
3. Okeechobee
- Median Rent: $2,050
- Rent Increase: +$250
- Percent Change in Rent Year Over Year: 12.20%
Okeechobee had a 12.20% increase in rent compared to the previous year.
4. Panama City
- Median Rent: $2,065
- Rent Increase: +$215
- Percent Change in Rent Year Over Year: 10.41%
Panama City had an increase of $215 in median rent which is a 10.41% increase in rent compared to the previous year.
5. Clewiston
- Median Rent: $2,000
- Rent Increase: +$200
- Percent Change in Rent Year Over Year: 10.00%
Clewiston also had a median rent increase of 10% year over year, but the data shows a decline of 37.50% in rent prices compared to the previous month. This indicates that rent is on the decline in Clewiston.
6. The Villages
- Median Rent: $2,568
- Rent Increase: +$168
- Percent Change in Rent Year Over Year: 6.54%
The Villages, despite a year-over-year increase of 6.54%, shows a rent decrease of 9.81% when looking at month-over-month data. That means rent is trending down in The Villages.
7. Wauchula
- Median Rent: $717
- Rent Increase: +$37
- Percent Change in Rent Year Over Year: 5.16%
Wauchula had a 5.16% increase in rent compared to the previous year.
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