Florida TaxWatch report: Average Florida rental rates fell slightly in past year

Residential rental rates might have leveled off in the Sunshine State after three years of wild increases, according to a recently released Florida TaxWatch report.

Rental prices in Florida had skyrocketed in the wake of the COVID-19 outbreak, jumping from an average rental rate of $1,187 per month in December of 2020 to $1,545 in December 2023.

While the most recent December price seems high in comparison to pre-pandemic levels, the figure has actually declined in the past year, the report stated. The cost of a monthly rental unit has fallen in most metro areas in Florida since December 2022. A one-bedroom rental unit in Miami now runs $2,600 per month. That’s a 2.3% decrease over a year ago.

Fort Lauderdale, Orlando, Tampa and St. Petersburg all saw decreases in rental rates over the past year as well. Orlando had the biggest decrease in monthly rates, dropping 7.1% in the past year, falling to an average monthly rate of $1,570 per month for a one-bedroom apartment.