Metro Orlando Apartment Rents Spike In 2017
Apartment rents in metro Orlando were up 6.9% year-over-year at the end of 2017, according to the latest market report from Apartment List, and rents in the region were up 0.4% in December compared with November.
Median rents in Orlando were $1,030/month for a one-bedroom apartment and $1,230/month for a two-bedroom unit at the end of December, the company said. Orlando's annual rent growth is ahead of the state average of 3.7%, as well as the national average of 2.7%.
Orlando bested most major Florida markets in terms of rental increases in 2017. Rents grew by 4.4% in Jacksonville and 0.4% in Miami over the same period, according to Apartment List.
Despite the recent increases, Orlando rents remain a bargain compared to some large markets. San Francisco is the most glaring example, with median rents nearly two and a half times that of Orlando.
Among Orlando submarkets, Sanford has the least-expensive rents in the metro, with a two-bedroom median of $1,110; the city has also seen rents fall by 0.2% over the past month, the biggest drop in the metro.
Apopka has seen the fastest rent growth in the metro, with a year-over-year increase of 10.8%. The median two-bedroom unit there costs $1,130, while one-bedrooms go for $950.
Oviedo has the most expensive rents of the largest cities in the Orlando metro, with a two-bedroom median of $1,520; rents were up 1.2% over the past month and 3.1% over the past year.