Renters in South Florida are still paying the highest rates in the nation, according to a new report by Redfin.com, a national real estate company.
While the median U.S. “asking rent” fell 0.3% year over year in December to $1,594, Miami metro area’s asking rent rose in the past year to $2,371 per month — the seventh-highest in the country.
Other metro areas in Florida, however, saw steep decreases. In Tampa, prices fell 10.4% to $1,737. In Jacksonville, the asking rent fell 6.7% to $1,451. Orlando dropped 2% to $1,715, according to the report issued on Thursday.
“We’re kicking off 2025 in a renter’s market, with many renters finding that apartments cost less than a year ago—especially in the Sun Belt,” said Redfin Senior Economist Sheharyar Bokhari, in a statement. “While asking rents declined in 2024, they may not have much further to fall this year given that apartment construction has begun to slow.”
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