Florida rents climbed nearly 40 percent over the past four years despite a surge in apartment construction, according to a statewide report released Wednesday by the University of Florida’s (UF) Shimberg Center for Housing Studies.
The 2025 Statewide Rental Market Study, prepared for the Florida Housing Finance Corporation, found that the median monthly rent increased from $1,238 in 2019 to $1,719 in 2023. The sharpest gains came in the last two years, with rents rising roughly 13 percent annually even as developers added more than 240,000 multifamily units across the state.
The study shows a shift toward higher-cost housing. Between 2013 and 2023, Florida added approximately 736,000 rental units priced above $1,200 per month while losing about 404,000 lower-cost units, adjusted for inflation.
“Florida’s strong population growth has collided with limited housing supply, pushing rents beyond what many families can afford,” said Anne Ray, manager of the Florida Housing Data Clearinghouse at the Shimberg Center. “This report helps policymakers and housing providers target resources where the need is most acute — including communities that are experiencing the fastest growth and the greatest affordability gaps.”
In metropolitan areas, the affordability gap has widened significantly. In Orlando, for example, the median rent for a two-bedroom apartment was nearly $500 higher than the maximum allowed for households earning 60 percent of the area’s median income in 2023. For renters earning 30 percent of that benchmark, the gap exceeded $1,100.
Population growth has fueled much of the demand pressure. Florida added more than 1 million households between 2019 and 2023, including nearly 195,000 renter households. The report said many of these new residents moved from states including New York, Illinois and California.
Notably, most of the new supply has been in larger complexes. The number of apartments in buildings with 50 or more units increased by 35 percent during the study period, while rentals in single-family homes and mobile homes declined by about 46,000 units.
Nearly 905,000 renter households earning less than 60 percent of their area’s median income now spend more than 40 percent of what they earn on rent. The problem is most acute in the state’s largest counties but extends to mid-sized and rural counties as well.
Publicly assisted housing remains priced well below market rates, with an average rent of $1,011 per month compared with $1,854 for all Florida renters. The report warned that more than 33,000 assisted units could lose affordability protections by 2034 unless renewed.
The Shimberg Center has produced the Statewide Rental Market Study every three years since 2001.
