Airdeed Homes Analysis Shows Florida Home Rental Costs Continue Reversal Trend

Jacksonville, FL – The housing rental market in Florida counties has remained dynamic, with rental cost growth rates showing significant rises from 2021 through the end of 2022. However, data analyzed by Airdeed Homes, a Jacksonville, FL based Zillow Alternative, shows 2023 will be a clear reversal for rental prices.This shows the Florida real estate rental market continues to adapt to changing economic conditions and housing demands.

florida apartment homes

So far into 2023, only 4 counties show positive rental growth rates. Those being Nassau, Volusia, Alachua, and Leon County. However, the reversal trend in the other counties still doesn’t negate the 20-50% rental rate growth that occurred during the 2021 year as the pandemic shock the housing market significantly.

StateCounty2021 Growth Rate2022 Growth Rate2023 (as of July) Growth Rate
FLOkaloosa County30.90%-0.89%-9.65%
FLSt. Johns County28.80%-4.93%-8.34%
FLBay County16.86%-4.82%-5.03%
FLPolk County30.54%-1.66%-4.21%
FLBrevard County27.69%5.56%-4.11%
FLDuval County26.26%-1.08%-3.60%
FLSt. Lucie County41.38%-4.35%-3.10%
FLManatee County47.00%-3.27%-2.98%
FLOrange County28.64%4.22%-2.90%
FLHillsborough Co.30.68%0.25%-2.88%
FLCharlotte County39.54%7.29%-2.75%
FLSeminole County26.20%4.07%-2.45%
FLPasco County27.19%-2.03%-2.40%
FLOsceola County28.62%3.31%-2.13%
FLPinellas County28.15%0.23%-2.04%
FLCollier County53.27%5.07%-1.98%
FLLake County23.84%7.15%-1.46%
FLMiami-Dade County28.91%7.31%-1.42%
FLSarasota County48.25%-1.21%-1.35%
FLPalm Beach County35.22%-1.17%-0.92%
FLBroward County27.37%4.78%-0.64%
FLClay County24.88%0.92%-0.44%
FLLee County37.49%8.27%-0.15%
FLLeon County20.93%6.97%0.08%
FLAlachua County4.76%13.48%0.36%
FLVolusia County20.80%4.75%0.53%
FLNassau County24.86%-1.30%1.97%

The data reveals that while all counties but Alachua homes experienced remarkable growth in rental costs in 2021, the trend started stabilizing in 2022 and reversing in 2023 for most of counties. Even with the significant reversal so far in 2023, every Florida county, at minimum, has seen a double-digit rental cost growth since the start of 2021, with 14 counties having growth above 30%.

As we continue through 2023, Airdeed Homes will continue to analyze the rental market’s trajectory, looking for further insights into how these reversal rates may shape housing affordability in the state.

Author: Airdeed Media