The rental market has been slowing down for more than a year, but the average rent, as before, is only $24 below the record high, which was $ 2,053 in August 2022. In June, the average rent across all states, including Florida, was $2,029.
In percentage terms, rent growth was 0.5% year-on-year in June, which is not far from the annual decline of 0.6% in May. On a monthly basis, rents increased by 1.7% in June. According to experts, as a rule, rents do not fall very much, even when demand from tenants decreases. Instead of reducing the rent, many landlords prefer to provide benefits, for example, discounts on parking or free rent for a month.
It is worth noting that the relative stability in the market has helped to slow down the growth of inflation. At the same time, experts in the field of economics note that inflation will continue to decline this year and in 2024.
Rent growth slowed the most in the west and south of the country: partly due to its acceleration during the pandemic, when people moved en masse to sunny states, including Miami. As a result, rents there have more opportunities to decrease, as supply catches up with demand.