115 Luxury Apartments for rent in Winter Park, FL
May 2020 Winter Park Rent Report
Welcome to the May 2020 Winter Park Rent Report. Winter Park rents declined over the past month. In this report, we'll evaluate trends in the Winter Park rental market, including comparisons to cities throughout the metro, state, and nation.
May 2020 Winter Park Rent Report
Welcome to the May 2020 Winter Park Rent Report. Winter Park rents declined over the past month. In this report, we'll evaluate trends in the Winter Park rental market, including comparisons to cities throughout the metro, state, and nation.
Winter Park rents decline sharply over the past month
Winter Park rents have declined 1.2% over the past month, but have remained steady at 0.3% in comparison to the same time last year. Currently, median rents in Winter Park stand at $1,045 for a one-bedroom apartment and $1,252 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in February. Winter Park's year-over-year rent growth lags the state average of 1.5%, as well as the national average of 1.4%.
Rents rising across the Orlando Metro
While rents have remained steady in the city of Winter Park throughout the past year, cities across the metro have seen a different trend. Rents have risen in 9 of of the largest 10 cities in the Orlando metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- Winter Springs has seen the fastest rent growth in the metro, with a year-over-year increase of 4.5%. The median two-bedroom there costs $1,361, while one-bedrooms go for $1,136.
- Over the past year, Altamonte Springs is the only city in the metro that has seen rents fall, with a decline of 1.3%. Median two-bedrooms there cost $1,257, while one-bedrooms go for $1,049.
- St. Cloud has the least expensive rents in the Orlando metro, with a two-bedroom median of $1,010; rents were up 0.1% over the past month and 2.3% over the past year.
- Oviedo has the most expensive rents of the largest cities in the Orlando metro, with a two-bedroom median of $1,568; rents decreased 0.6% over the past month but were up 1.9% over the past year.
Winter Park rents more affordable than many large cities nationwide
Rent growth in Winter Park has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Winter Park is still more affordable than most large cities across the country.
- Other cities across the state have seen rents moderately increase, with Florida as a whole logging rent growth of 1.5% over the past year. For example, rents have grown by 1.6% in Miami and 1.4% in Jacksonville.
- Winter Park's median two-bedroom rent of $1,252 is above the national average of $1,196. Nationwide, rents have grown by 1.4% over the past year compared to the stagnant growth in Winter Park.
- While rents in Winter Park remained moderately stable this year, similar cities saw increases, including Nashville (+3.3%), Austin (+2.5%), and DC (+1.7%); note that median 2BR rents in these cities go for $1,169, $1,470, and $1,581 respectively.
- Renters will find more reasonable prices in Winter Park than most large cities. For example, San Francisco has a median 2BR rent of $3,094, which is nearly two-and-a-half times the price in Winter Park.
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.