Prices Drop for the First Time in Three Years

Rent Relief in Central Florida: Prices Drop for the First Time in Three Years

In 2021 and 2022, 450,000 individuals relocated to Florida, according to the Shimberg Center for Housing Studies at the University of Florida. Concurrently, brand-new apartment building was enduring a three-year downturn. Prices rise when there are fewer units.

However, things are changing now.

In 2021, the average monthly rent in the greater Orlando area was $1,230. It increased by 27% the next year to $1,568. It increased 3% more to $1,621 in the previous year.

Rent is $1,558 this year, 4% less than last.

One of the newest apartment buildings in Apopka, close to the new AdventHealth hospital, is called Addison Farms. Steve Ogier gave WESH 2 a tour of the property while he was with Contravest, the builder and management.

He believes some renters may find it difficult to believe that flats can be had for as little as $1,500 per month given the opulent amenities like a gym, a five-star pool with cabanas, a dog park, and quality floors and kitchens.

Additionally, the first 1.5 months of rent are being paid for by Addison Farms.

Why use rewards systems? According to Ogier, the solution is simple: as the number of apartments increases, compete for customers. According to him, counties and cities that promote development, like Apopka, aid in lowering the cost of rental housing.

“They have had a favorable, or we’ll call it, developer-friendly process to get approvals, and hence, that is why we’re seeing, not only because of the demand, but the city has also allowed supply to come in,” Ogier stated.

Florida has 862,465 low-income renters, according to a recent research. 69,821 live in Orange County. These rent-burdened tenants usually spend forty percent or more of their income on housing, leaving little money for groceries, medicine, or other necessities.

Ray notes that while building more apartments is necessary to meet the demand for rentals across all income levels, it is also important to provide “affordable” accommodation for those who in low-paying jobs in the tourism and service industries.

“I would argue that you also need to continue to expand that explicitly affordable housing that’s reserved for people so that rents are affordable and then also they are not competing for higher income renters for the same supply,” Ray stated.

This year, state legislators altered the requirements for acquiring incentive funds with regard to affordable housing particularly, enabling towns and counties to expedite the process of constructing more affordable housing.

Orange County agreed to spend $22 million in November to construct 260 affordable housing units that are scheduled to open in October.

Silver Lake Villages will be remodeled for seniors on a low budget, while Barnett Villas will be completely rebuilt.

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