As home values and rental prices fluctuate across the country, rental prices in Central Florida continue their uphill climb.
Compared to the other big, metropolitan areas across the nation, Orlando is seeing must faster and consistent hikes in rental prices. According to Apartment List’s Rentanomics, Orlando is seeing a jump on about 3.1-percent, compared to last year. For perspective, we can compare that to other high-populated areas in Florida: Tampa being at 3-percent and Miami at 1-percent. Diving deeper into the numbers, analytics have also shown that Winter Park has an increase of rental pricing around 5.3-percent yearly and the Maitland area lands at 6.8-percent, according to the numbers provided by WESH2 News.
This spring, Florida lawmakers are looking to change some of the laws and regulations surrounding the current crisis in Central Florida. Their goal: to curb the affordable housing by “appealing the state’s preemption on rent control to allow cities more freedom in enforcing long-term rent control,” according to Fox35 Orlando. Currently, a housing emergency that classifies as “grave” is the only reason a local government can consider rent control.
Experts believe that rental priced will stabilize eventually, however it will take several years for it to reach that point.