“Big rent hikes may finally be coming to an end as landlords adjust to waning tenant budgets that are being strained by the rising cost of groceries, gas and other regular expenses,” says Redfin Chief Economist Daryl Fairweather.

Florida Realtors find that “Still, rents are increasing faster than overall inflation, which has started to ease. We expect rental growth to continue to slow, but markets with strong job growth and limited new housing construction, like New York and Seattle, will likely continue to experience large rent increases."

Florida market year-over-year rent increases

1. Jacksonville: 3.6% (median $1,661 in July 2022)
2. Tampa: 12.2% ($2,227)
3. Orlando: 14.1% ($2,164)
4. Fort Lauderdale: 17.8% ($3,068)
5. Miami: 17.8% ($3,068)
6. West Palm Beach: 17.8% ($3,068)

Asking rents rose 31% year over year in Cincinnati, the largest jump among the 50 most populous U.S. metropolitan areas, though down from 39% the month before.

10 metros with the fastest-rising year-over-year rents

1. Cincinnati: 31%
2. Nashville: 26%
3. Pittsburgh: 24%
4. New York: 23%
5. Newark: 23%
6. Nassau County: 23%
7. New Brunswick, New Jersey: 23%
8. Seattle: 22%
9. Indianapolis: 21%
10. San Antonio: 21%

© 2022 Florida Realtors®