Orlando, FL Renter Market Trends
October 2022 Orlando Rent Report
Welcome to the October 2022 Orlando Rent Report. Orlando rents declined over the past month. In this report, we'll evaluate trends in the Orlando rental market, including comparisons to cities throughout the state and nation.
Orlando rents decline sharply over the past month
Orlando rents have declined 0.9% over the past month, but are up sharply by 10.2% in comparison to the same time last year. Currently, median rents in Orlando stand at $1,427 for a one-bedroom apartment and $1,683 for a two-bedroom. Orlando's year-over-year rent growth leads the state average of 8.7%, as well as the national average of 7.5%.
Rents rising across cities in Florida
Throughout the past year, rent increases have been occurring not just in the city of Orlando, but across the entire state. Of the largest 10 cities that we have data for in Florida, 9 of them have seen prices rise. The state as a whole logged rent growth of 8.7% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Pembroke Pines is the most expensive of all Florida's major cities, with a median two-bedroom rent of $2,263; of the 10 largest cities in the state that we have data for, Port St. Lucie, where a two-bedroom goes for $1,733, is the only major city to see rents fall year-over-year (-1.2%).
- Miami, Pembroke Pines, and Tallahassee have all experienced year-over-year growth above the state average (15.6%, 15.0%, and 10.8%, respectively).
Many large cities nationwide show more affordable rents compared to Orlando
As rents have increased sharply in Orlando, a few large cities nationwide have seen rents grow more modestly. Compared to most large cities across the country, Orlando is less affordable for renters.
- Orlando's median two-bedroom rent of $1,683 is above the national average of $1,360. Nationwide, rents have grown by 7.5% over the past year compared to the 10.2% rise in Orlando.
- While Orlando's rents rose sharply over the past year, many cities nationwide also saw increases, including New York City (+12.1%), Charlotte (+10.4%), and Nashville (+9.4%).
- Renters will generally find more expensive prices in Orlando than most large cities. For example, Houston has a median 2BR rent of $1,294.
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 about the methodology on our blog.
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.
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.
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