Renters are suffering under a sudden and intense increase in their monthly rent. The pain was particularly acute in Orlando, where rent year-over-year experienced some of the largest jumps in the entire United States.
It’s some sort of solace that Orlando-area renters can trust the feeling on the ground that costs have spiraled out of control. The roughly 25 percent jump in average rent since spring of 2020 is the third-highest in the nation, according to a recent report from Zillow.
The only two cities suffering through greater spikes are our neighbors to the south: Tampa and Miami. Tampa has seen a 28 percent increase in average asking rent and Miami’s average rent has jumped by nearly a third.
The rent surge has forced local lawmakers to consider novel solutions. Orange County Commissioner Emily Bonilla floated the idea of a percentage cap on rent increases and State Rep. Carlos Guillermo Smith asked the governor to declare the housing crisis a state of emergency.
The rent spike comes as Orlando real estate costs continue to climb. Traditionally Black neighborhoods in the city have seen a swarm of investment buyers looking to either flip homes for obscene profit or become massive landlords. The average Orlando home increased in value over the last year by more than the average metro worker makes in a year. And studies on relative affordability have found that Orlando is less affordable for the people who live and work in it than notoriously pricey San Francisco.
There are some hopeful signs, however. Zillow reports that steadily increasing interest rates have cooled the home-buying frenzy somewhat, which may lead to lower rents in a more sane market.
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