Rent prices in Florida down compared to national average

JACKSONVILLE, Fla. — Rent in Florida is finally settling down compared to the national average, according to researchers at Florida Atlantic University and two other schools.

March data from the Waller, Weeks and Johnson Rental Index shows national rent increased by 3.57% annually.

Meanwhile, all measured metropolitan areas in Florida saw rent growth below that amount.

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In Jacksonville, the average rent is $1,730.73 when it should be $1,731.79, according to the Waller, Weeks and Johnson Rental Index.

Rent increased by 0.76% month-over-month and by 1.29% year-over-year.

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Rent in Orlando, Palm Bay, Deltona, Tampa, Lakeland, and Miami increased year-over-year by less than 3%.

In Cape Coral and North Port, rent prices declined year-over-year by less than 3%.

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Despite prices settling down, the needed household income to afford the typical rental unit is still high.

A household needs to make at least $69,229 to avoid paying more than 30% of their income toward rent, according to the index.

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