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Monday, August 5, 2019

Surprising absolutely no one, Orlando rents are getting higher

Posted By on Mon, Aug 5, 2019 at 8:00 PM

click to enlarge PHOTO VIA ADOBE STOCK
Here's a shocker: Rent is still on the rise in Orlando.

The online apartment finding service Apartment List crunched the numbers for its August "Rent Report." The survey of private listing data found Orlando rents are up 2.4 percent from the same time last year, and crept up 0.2 percent over just the last month.

The report calculated Orlando median rents at $1,092 for a one-bedroom apartment and $1,308 for a two-bedroom. It's not San Francisco – where the median for a two-bedroom is $3,130 a month – but it is the sixth straight month of rent increases for the City Beautiful.

The $1,308 Orlando median is above the national average of $1,191, by the way, but Orlando's rent-increase percentage tops the state average of 1.5 percent and the national average of 1.6 percent.

As far as fastest growth within the Orlando area, Altamonte Springs comes out above the rest. Altamonte Springs saw a 3.4 percent year-over-year rise. There, the median price for a two-bedroom is $1,295, and one-bedrooms are $1,081.

Orlando is no stranger to rent woes. Just last spring, mortgage lender Freddie Mac placed the city in the No. 5 spot for most "rent-burdened" cities in the United States.

Being rent-burdened means residents spend more than 30 percent of income on the rent or mortgage instead of other basic staples like food, healthcare and transportation.

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