Current rental market trends in Florida Cities 2023
Florida renters have seen steep increases in average rent since the Covid-19 Pandemic. Many renters this year are faced with the decision to stay and accept rent increases or to move. In this blog, we will help you decide whether you should stay or go by exploring trends in the current rental market and providing a pros and cons list to help you make an informed decision.
Florida rental market
In Florida, the state sets no restrictions or caps on rent increases, and landlords are allowed to increase rent for different reasons. Florida landlords can increase the rent at the end of the lease term, provided they give their tenants proper notice. For a one-year lease, that means landlords must provide a 60-day notification.
Current trends in the market
The Florida rental market has been hot! Tenants have experienced increases in rent as demand for housing and property insurance costs continues to increase. Our cities in the sunshine state have seen significant population growth post-pandemic. Between 2021 and 2022, the population grew by over 440,000. According to the latest data from the U.S. Census, Florida ranks #1 in total net migration, which measures the difference between the number of people moving in and the number of people moving out of a state. 
One reason Florida rent increases are cooling off is an increase in supply. Construction projects that have experienced pandemic-related delays are coming on the market. This is increasing vacancies in the rental market, leading to a renter’s market where landlords must compete to attract tenants.
Rents in Florida should remain elevated; however, increases in rent are expected to grow slower than before. Demand remains strong partly due to hybrid work and the influx of out-of-state people moving to the sunshine state. It is possible that some renters will leave the area as cost-of-living increases and workers return from remote work back to the office. 
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Pros and cons of moving
Many Florida tenants are considering moving due to recent rent increases. If your lease is up and you are considering moving, consider these pros and cons to decide whether to stay or go.
Cons of moving
– Moving costs
Short-distance moves can cost $800 to $2150, not including other moving-related expenses, i.e. new furniture. 
– Changing school systems
Many families may desire to remain in the same school system. This will limit your rental options.
– Unfamiliar surroundings
If you decide to move to a new apartment, you will need to become familiar with a new neighborhood, shopping options, and amenities. It may be more comfortable for you to stay in the same apartment.
– Hassle of moving
Packing up all your worldly belongings is time-consuming and strenuous. It is way more convenient to stay.
Pros of moving
You do not have to accept rent increases at the end of your lease term. If you are willing to change neighborhoods or downsize, you can search and find more affordable rentals.
– Change of location
If finances are not an objection and you are willing to spend more, some renters may consider moving to a better location when their leases are up. More vacancies in the rental market mean you could easily find available apartments closer to your work or in a more desirable location.
– Newer construction available
We are seeing more new rental properties coming to market now. If you like new construction and are willing to spend more on rent, consider moving into a brand-new building.
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When faced with a significant rent increase, many Florida tenants are faced with the question- should I stay or should I go? In the current rental market, more supply is becoming available, and the market is transitioning to a renter’s market where landlords must compete for tenants. If you are considering leaving your current housing due to rent increases, it may be worthwhile to see what else is out there in the market as conditions are becoming more favorable for renters.
When faced with rent increases, an excellent way to decide whether or not to move is by creating a pros and cons list. Some common reasons to stay are the convenience of remaining in your current location and school system and avoiding the cost and hassle of moving. Some reasons to move include cheaper rent, newer construction, and a better place. Be sure to weigh the pros and cons of moving for you.
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- Tampa Bay EDC | How many people moved to Florida this past year?
- USA Today | Rentals are cooling off, partly because at-home workers are back in the office
- Forbes | How much do movers cost in 2023