Orlando Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Orlando, FL. Currently, the overall median rent in the city stands at $1,575, after rising 0.6% last month. Prices remain down 3.3% year-over-year. Read on to learn more about what’s been happening in the Orlando rental market and how it compares to trends throughout the broader Orlando metro area and the nation as a whole.

Orlando rents are up 0.6% month-over-month and down 3.3% year-over-year

The median rent in Orlando rose by 0.6% over the course of March, and has now decreased by a total of 3.3% over the past 12 months. Orlando’s rent growth over the past year has is similar to the state average (-2.8%) but has fallen below the national average (-0.8%).

Orlando rent growth in 2024 pacing similar last year

Three months into the year, rents in Orlando have risen 0.9%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 0.7%.

March rent growth in Orlando ranked #42 among large U.S. cities

Orlando rents went up 0.6% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #42. Similar monthly rent growth took place in Long Beach, CA (0.6%) and Cleveland, OH (0.6%).

Orlando is the #38 most expensive large city in the U.S., with a median rent of $1,575

Citywide, the median rent currently stands at $1,342 for a 1-bedroom apartment and $1,668 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,575. That ranks #38 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Orlando is 13.5% higher than the national, and is similar to the prices you would find in Tampa, FL ($1,577) and Madison, WI ($1,541).

Orlando rents are 0.3% higher than the metro-wide median

If we expand our view to the wider Orlando metro area, the median rent is $1,570 meaning that the median price in Orlando proper ($1,575) is 0.3% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -3.6%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 10 cities in the Orlando metro area that are included in our database. Among them, Celebration is currently the most expensive, with a median rent of $1,765. Casselberry is the metro’s most affordable city, with a median rent of $1,339. The metro's fastest annual rent growth is occurring in Sanford (-1.7%) while the slowest is in Celebration (-7.5%).

You can also use the map below to explore the latest rent trends in the Orlando metropolitan area.