Florida rent prices have increased drastically since 2020, analysis shows

Sunshine State rental increase tops national charts

(File photo)

ORLANDO, Fla. – Rent prices have hiked across numerous states in the last few years and in Florida especially, according to analysis from experts at RubyHome Luxury Real Estate who reached their consensus after calculating percentage increases in average rental costs since 2020.

More than 34% of the U.S. population are renting homes, with the average renter described as a college-educated individual in their late thirties, RubyHome shared. As that group is said to earn less than the national average of $67,500, the analysis states 38.1% of renters live alone and 34.4% are younger than 35 years old.

“When renting, the goal is to have a rent-to-income ratio of around 30%, however many renters are seeing ratios of up to 57%. With the data from the study, it shows that rent prices are far too high and are only going up as time goes on,” a RubyHome spokesperson said in a statement.

Florida’s average rent showed a percentage increase from March 2020 to March 2023 of 45.77%, amounting to a whopping change from $1,459.73 to $2,127.86 per month.

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A large pull to the state of Florida results from its lack of retirement taxes and its reputation as a holiday destination, according to RubyHome.

Colorado takes second place among the country’s highest percentage increases in rent prices. Average rent in this state rounds out to approximately $2,767.16, a 45.14% percentage increase from 2020, with RubyHome citing a thriving job market and stunning landscape views as reasons for population grown there.

Montana, Idaho and Tennessee take third, fourth, fifth place respectively.

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