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.
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.
| State | County | 2021 Growth Rate | 2022 Growth Rate | 2023 (as of July) Growth Rate |
|---|---|---|---|---|
| FL | Okaloosa County | 30.90% | -0.89% | -9.65% |
| FL | St. Johns County | 28.80% | -4.93% | -8.34% |
| FL | Bay County | 16.86% | -4.82% | -5.03% |
| FL | Polk County | 30.54% | -1.66% | -4.21% |
| FL | Brevard County | 27.69% | 5.56% | -4.11% |
| FL | Duval County | 26.26% | -1.08% | -3.60% |
| FL | St. Lucie County | 41.38% | -4.35% | -3.10% |
| FL | Manatee County | 47.00% | -3.27% | -2.98% |
| FL | Orange County | 28.64% | 4.22% | -2.90% |
| FL | Hillsborough Co. | 30.68% | 0.25% | -2.88% |
| FL | Charlotte County | 39.54% | 7.29% | -2.75% |
| FL | Seminole County | 26.20% | 4.07% | -2.45% |
| FL | Pasco County | 27.19% | -2.03% | -2.40% |
| FL | Osceola County | 28.62% | 3.31% | -2.13% |
| FL | Pinellas County | 28.15% | 0.23% | -2.04% |
| FL | Collier County | 53.27% | 5.07% | -1.98% |
| FL | Lake County | 23.84% | 7.15% | -1.46% |
| FL | Miami-Dade County | 28.91% | 7.31% | -1.42% |
| FL | Sarasota County | 48.25% | -1.21% | -1.35% |
| FL | Palm Beach County | 35.22% | -1.17% | -0.92% |
| FL | Broward County | 27.37% | 4.78% | -0.64% |
| FL | Clay County | 24.88% | 0.92% | -0.44% |
| FL | Lee County | 37.49% | 8.27% | -0.15% |
| FL | Leon County | 20.93% | 6.97% | 0.08% |
| FL | Alachua County | 4.76% | 13.48% | 0.36% |
| FL | Volusia County | 20.80% | 4.75% | 0.53% |
| FL | Nassau County | 24.86% | -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.
