OSCEOLA COUNTY, Fla. – The Orlando-area real estate market is seeing some of the highest rent hikes in history, up 20.3% already in 2021, according to data analyzed by the real estate analytics specialists with the CoStar Group.
The average rent in the market is up to $1,537 per month, according to Brian Alford, Director of Market Analytics in Florida.
“We have never seen rent hikes like this. We are up 20.3%,” Alford said. “To give you context, in the last 20 years, the largest increase we saw which was in 2006 was 7%, so we are already 3 times that.”
The rent hikes are higher in neighborhoods like Lake Nona, up 30.8% and Windermere, up 24%.
In Osceola County, the rent is up 13.8%. That’s where Nadiya Jusino saw her rent increase from $1,460 to $1,625 in September.
“I said, ‘You have to be kidding me,” Jusino said. “So, I have to say, ‘Okay, where do I cut?’”
Not only has she had to adjust her budget, but Jusino, who has a son in college, had to get a new job just so she can afford the rising rent.
“I really needed this job, really, really bad,” Jusino added. “I just hope they don’t go up next year.”
According to Alford, there are many reasons contributing to the record rent increases, including the shortage of housing supply as housing prices increase, keeping renters locked in. Alford also says the pandemic hasn’t stopped people from moving here.
“Orlando is one of the highest areas of population growth ever over the last 7 or 8 years and it looks like we have actually gotten a boost in Orlando since the pandemic happened,” Alford said. “We have some of the highest year-over-year pricing which makes it impossible for any renters to become homeowners they are locked in place and that keeps demand high.”
“Everywhere I go and look everything is over $1,500 and that’s not affordable,” Jusino added. “They just need to think of the middle class, because $50-60,000 a year, yes that’s good money but I’m like, ‘Where is the affordable? Where is it?’”
Here’s a list of cities seeing the highest rent hikes, according to CoStar Group data:
- Lake Nona: 30.8%
- Windermere: 24.2%
- West Orlando: 22.7%
- International Drive: 21.8%
- North Orlando: 21.3%
- Southwest Orlando: 21.0%
- East Orlando: 20.3%
- South Orlando: 18.9%
- Northwest Orlando: 16.1%
- Eastside: 15.2%
- Osceola County: 13.8%
- Downtown Orlando: 12.9%