According to Real Page data, Tallahassee was the sole major city in Florida that experienced an increase in rent over the summer.
A local landlord attributes the rise in rent to elevated insurance costs, an uptick in property taxes, and a growing influx of people relocating to Tallahassee. Rent for a three-bedroom, two-bath home in Northeast Tallahassee has surged by 40 percent since 2018.
Parks such as AJ Henry Park contribute to the attractive amenities that residents enjoy upon relocating to Northeast Tallahassee. The monthly cost of living in our neighborhood has increased since June.
The reasons behind Tallahassee’s unique situation, as stated by Real Page experts, It was the sole major city in Florida to experience a rise in rent during the summer months. This trend has a significant impact on newcomers to the area.
One resident affected by this change is Shannon Lord, a chiropractor who resides in Northeast Tallahassee with her dog Sully. In addition to her profession, she is also a tenant.
“It’s a big small town and I love all the different trails that are around here,” Lord said. “It’s perfect for my lifestyle.”
It does, however, come with a cost.
“I’m spending almost $500 more a month just to have what I need,” Lord stated. It is clear that her experience is representative of a general pattern.
Based on MLS records, the rental prices for houses in Northeast Tallahassee have increased by 40 percent since 2018. Previously, a three-bedroom, two-bath property used to cost around $1,500 per month. Presently, the average has risen to $2,100.
Realtor and landlord Christie Perkins has observed this trend. She noted that Tallahassee is one of the few cities in Florida experiencing rising rents, and according to Perkins, the issue is attributed to a few factors.
“The number of people moving here to this town, the increase in local taxes which was just voted on by our city commission and the increase in insurance,” Perkins stated.
According to her, such considerations have compelled a significant number of landlords, including herself, to raise their monthly rent. “I don’t want to pass that along to my tenants, but I am going to have to,” according to Perkins.
This is something that Lord mentioned can be challenging for young professionals to deal with.
“You’re trying to build a career and eventually own a house but it’s harder to save as much as you want to when you have to worry about spending so much on rent,” Lord said.
Perkins’ suggestion: “You’re better off staying where you are, because your landlord is most likely not going to raise your rent so much to kick you out,” Perkins said. “If you protest, they may say ‘Eh, it’s probably worth it to keep it at where you can afford it than flip the unit.'”
That’s an activity Lord intends to undertake at her new location.
“Thankfully I found something but it definitely took a lot of resilience,” Lord stated.
It’s not only the cost of rent that is increasing. According to Realtor.com, the asking prices for homes in Tallahassee have risen by nearly 4 percent compared to last year.
