105 1 Bedroom Apartments for rent in Altamonte Springs, FL
July 2020 Altamonte Springs Rent Report
Welcome to the July 2020 Altamonte Springs Rent Report. Altamonte Springs rents declined over the past month. In this report, we'll evaluate trends in the Altamonte Springs rental market, including comparisons to cities throughout the metro, state, and nation.
July 2020 Altamonte Springs Rent Report
Welcome to the July 2020 Altamonte Springs Rent Report. Altamonte Springs rents declined over the past month. In this report, we'll evaluate trends in the Altamonte Springs rental market, including comparisons to cities throughout the metro, state, and nation.
Altamonte Springs rents declined significantly over the past month
Altamonte Springs rents have declined 0.4% over the past month, and are down significantly by 3.8% in comparison to the same time last year. Currently, median rents in Altamonte Springs stand at $1,041 for a one-bedroom apartment and $1,247 for a two-bedroom. This is the fifth straight month that the city has seen rent decreases after an increase in January. Altamonte Springs' year-over-year rent growth lags the state average of -0.1%, as well as the national average of 0.2%.
Rents falling across the Orlando Metro
Rent prices have been decreasing not just in Altamonte Springs over the past year, but across the entire metro. Of the largest 10 cities in the Orlando metro for which we have data, 7 of them have seen prices drop. Here's a look at how rents compare across some of the largest cities in the metro.
- Oviedo has the most expensive rents in the Orlando metro, with a two-bedroom median of $1,556; the city has also seen rent growth of 0.1% over the past month, the fastest in the metro.
- Over the past year, Altamonte Springs has seen the biggest rent drop in the metro, with a decline of 3.8%. Median two-bedrooms there cost $1,247, while one-bedrooms go for $1,041.
- St. Cloud has the least expensive rents in the Orlando metro, with a two-bedroom median of $1,012; rents were up 0.1% over the past month and 0.5% over the past year.
Altamonte Springs rents more affordable than many large cities nationwide
As rents have fallen significantly in Altamonte Springs, large cities nationwide have seen prices increase, in some cases substantially. Altamonte Springs is also more affordable than most large cities across the country.
- Although rents across cities in Florida have been marginally on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 0.3% in Jacksonville.
- Altamonte Springs' median two-bedroom rent of $1,247 is above the national average of $1,192. Nationwide, rents have held steady over the past year.
- While rents in Altamonte Springs fell significantly over the past year, many cities nationwide saw increases, including Nashville (+0.7%) and Norfolk (+0.5%).
- Renters will find more reasonable prices in Altamonte Springs than most large cities. For example, San Francisco has a median 2BR rent of $3,035, which is nearly two-and-a-half times the price in Altamonte Springs.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.