Rentcafe report: Orlando tops Florida for rising apartment rates – Orlando Business Journal
Apartment renters may be seeing sticker shock when they see the rates in Orlando compared to a year ago.
That’s according to RENTCafe’s February 2018 Apartment Market Report, which showed the Orlando region saw the highest year-over-year increase in average rental rates among Florida metro areas, as well as the 11th highest increase among the 250 U.S. cities included in the study.
Orlando notched a 7.8 percent increase in average rents coming in at an average monthly rate of $1,332, the report showed.
See the photo gallery to see Florida cities ranked by one-year increase in average rents.
Apartment market statistics have a huge impact on the business community, since nearly 40 percent of Central Florida’s residents live in apartments — including lawyers, restaurant owners, hotel owners, bankers and their employees, experts previously told Orlando Business Journal. And the dominant demographic in the workforce — millennials — also lean towards apartment rentals, which means the market’s health means a lot to employers seeking top talent as well as the region’s economy as a whole.
But as expensive as renting an apartment seems in Orlando, our metro area ranked No. 93 among the the 250 cities when it comes to price. In fact, renters in Manhattan pay about three times as much at $4,063 per month, which was the nation’s highest average rent. That was followed by San Francisco at $3,428 and Boston at $3,221. When looking at percentage increase, however, two Texas cities, Odessa and Midland, had the biggest increase at 38.9 and 35.7 percent, respectively.
Meanwhile, RENTCafe in a separate report ranked Florida as one of the least renter-friendly states in the country. RENTCafe determined the rankings by looking at laws related to 10 different aspects of renting, including rent increase notices, eviction policies and landlord’s access to properties.
Florida ranked 40th in the country for renter-friendly states, the report showed. Among the factors cited are a three-day termination notice for nonpayment of rent, a seven-day termination notice for lease violations, and the fact that there are no existing statutes regarding maximum security deposit or for rent increase notices for month-to-month renters.
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