Florida claims 8th highest median rent in U.S.
Construction Coverage just released the 2024 edition of its report looking at the most expensive rental markets in the U.S., with data specific to Florida.
Inflation data released last month revealed that, while the Consumer Price Index overall was up 2.4% year-over-year, the index for shelter had risen 4.9% over the same span. Increasing rent prices have been a major reason why: limited supply and high demand have driven the national rental vacancy rate—a key metric used to track the availability of rental housing—to its lowest levels since the late 1980s. With fewer units available, prices have risen dramatically, pushing the national median rent to $1,865.
However, the impact of rent increases has not been felt evenly across the U.S., as renters in some locations face much higher costs than in others. Researchers calculated a median monthly rent estimate across all rental types in nearly 400 metros and all 50 states, then ranked locations accordingly.
Key Takeaways, with Data for Florida
• Rental market trends across the country: 12 states now have median market rents exceeding $2,000 per month, an increase from nine states last year. Many coastal states top the list, while several locations in the Midwest prove more affordable at around $1,200 or less.
• Rent prices in Florida: Rental prices in Florida range from a median of $1,584 for studios to $3,190 for 4-bedroom units. With a median rent of $2,175 across all rental sizes, Florida ranks as the 8th most expensive state for renters.
You can read the full study here, including all sources: https://constructioncoverage.com/research/cities-with-the-most-expensive-rents
