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Apartment List Analysis: Rent Increases Start to Stall

In Winter Springs, apartment rental rates rose 6.0% year-to-year but in Jupiter they fell 1.4%. Overall, Florida rent rates rose 1.3% year-to-year in the latest Apartment List report.

ORLANDO, Fla. – Apartment rents are moving up at a much slower pace, veering from a different pattern seen earlier this spring according to Apartment List’s analysis of the U.S. rental market.

From March to June, rents rose by 1.3% – the fastest growth over any comparable period since the summer of 2017. However, researchers say that a closer look at the data shows that rents have essentially been flat since June, marking an early end to the summer spike in rent prices.

Florida saw similar results in the analysis. Overall, median state rental rates rose 1.3% year-to-year in the latest Apartment List report – but the analysis also found a month-to-month median decrease in 40% of Florida’s cities. However, the amount of rental increases and decreases varied widely based on location. In Winter Springs, for example, apartment rental rates rose 6.0% year-to-year, while in Jupiter they fell 1.4%.

The median rental rate for a one-bedroom apartment statewide was $977, while the median rate for a two-bedroom apartment was $1,219.

“The robust growth we saw from March through June was one of the sharper seasonal spikes that we’ve seen in recent years,” researchers note in Apartment List’s November report. “That spike ended relatively early in the season though, and we have since seen a return to the stagnant rent growth that characterized the market earlier in the year.”

The year-over-year growth rate for U.S. rents in the latest report is 1.4%, which is below the rates that ranged between 2.1% to 3.5% from 2014 through 2017.

Rent growth is lagging the growth in average hourly earnings, which have risen 2.9% over the past 12 months, researchers note. That likely is a welcome relief to renters, many of whom may still be continuing to struggle with housing affordability.

Florida city — Median rent for 1-2 bedroom — month-to-month change — year-to-year change

Apopka — $956-$1,145 — down 0.6% — down 0.5%

Boca Raton — $1,509-$1,914 — up 1.5% — up 4.5%

Bradenton — $951-$1,221 — up 0.4% — up 2.8%

Brandon — $1,026-$1,278 — down 0.1% — up 1.4%

Cape Coral — $917-$1,139 — down 0.4% — up 1.6%

Casselberry — $1,078-$1,291 — up 0.2% — up 2.1%

Clearwater — $980-$1,220 — up 0.7% — up 2.7%

Deerfield Beach — $1,205-$1,528 — up 0.5% — up 1.7%

Delray Beach — $1,201-$1,523 — up 0.4% — up 2.3%

Deltona — $882-$1,100 — down 1.4% — down 1.3%

Dunedin — $1,024-$1,275 — down 0.2% — up 3.5%

Englewood — $566-$738 — up 1.0% — up 1.0%

Fort Lauderdale — $1,130-$1,433 — up 0.4% — down 0.9%

Gainesville — $788-$966 — down 0.3% — up 0.9%

Hollywood — $1,122-$1,423 — up 0.7% — up 0.7%

Jacksonville — $889-$1,088 — 0.0% — up 1.0%

Jupiter — $1,238-$1,559 — down 1.9% — down 1.4%

Kissimmee — $1,047-$1,259 — up 1.2% — up 2.3%

Lake Mary — $1,345-$1,612 — down 0.9% — up 0.2%

Lakeland — $832-$1,084 — up 0.3% — up 3.7%

Lehigh Acres — $793-$985 — down 0.1% — up 1.4%

Longboat Key — $1,507-$1,937 — up 0.2% — up 3.5%

Melbourne — $968-$1,228 — up 1.1% — 0.0%

Miami Gardens — $1,143-$1,449 — down 0.1% — down 1.3%

Miami — $1,084-$1,375 — up 0.5% — up 0.9%

New Port Richey — $832-$1,036 — down 0.8%— up 0.6%

North Port — $900-$1,157 — up 1.0% — up 0.7%

Ocala — $826-$1,003 — down 0.6% — up 2.9%

Orlando — $1,085-$1,299 — down 0.2% — up 2.0%

Ormond Beach — $949-$1,184 — up 0.9% — up 2.7%

Palm Bay — $829-$1,051 — up 1.3% — up 1.3%

Palm Beach Gardens — $1,387-$1,758 — up 1.8% — up 1.1%

Palm Harbor — $1,088-$1,355 — down 0.5% — up 1.0%

Pembroke Pines — $1,899-$2,408 — down 0.7% — up 0.0%

Pompano Beach — $1,159-$1,470 — up 0.3% — up 0.4%

Port Orange — $986-$1,230 — down 0.8% — up 1.0%

Riverview — $1,057-$1,316 — up 0.8% — up 0.8%

Sarasota — $1,086-$1,395 — up 0.0% — up 0.6%

St. Petersburg — $962-$1,198 — down 0.2% — up 1.5%

Tallahassee — $816-$1,010 — up 0.7% — up 1.6%

Tampa — $1,035-$1,288 — up 0.4% — up 2.4%

Tarpon Springs — $897-$1,117 — up 0.2% — down 0.3%

Wellington — $1,507-$1,911 — down 1.0% — up 0.4%

West Palm Beach — $1,089-$1,381 — up 0.6% — up 1.0%

Winter Haven — $682-$892 — up 0.6% — up 2.3%

Winter Park — $1,063-$1,274 — down 0.1% — up 0.6%

Winter Springs — $1,134-$1,359 — up 1.5% — up 6.0%

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