Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Florida was $1,238 in 2019 according to the Census ACS survey.1 Average gross rent was $1,250 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Florida median and average rent data will be released in September of 2021.
Data is also available below for Florida rental vacancy rates, Florida rent as a percent of median income and the fraction of renters in Florida.
Real Gross Rent in Florida (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Florida Median Gross Rent | $1,238 | +2.91% | +8.88% |
Florida Real Gross Rent Trends
At $1,238, real median gross rent in Florida was at its highest level in 2019 since the series began in 2005. At $1,250, real average gross rent in Florida was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Florida: Median, Average, US Median
Real Gross Rent History for Florida
| Date | US Median | Florida Median | Florida Average |
|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,250 |
| 2018 | $1,077 | $1,203 | $1,223 |
| 2017 | $1,043 | $1,163 | $1,188 |
| 2016 | $1,027 | $1,137 | $1,161 |
| 2015 | $1,017 | $1,110 | $1,144 |
| 2014 | $986 | $1,059 | $1,094 |
| 2013 | $953 | $1,024 | $1,054 |
| 2012 | $940 | $1,015 | $1,049 |
| 2011 | $941 | $1,025 | $1,052 |
| 2010 | $955 | $1,058 | $1,076 |
| 2009 | $960 | $1,085 | $1,107 |
| 2007 | $927 | $1,087 | $1,107 |
| 2005 | $910 | $1,011 | $1,024 |
Florida Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Florida was 8.72% according to Census ACS data.
Rental Vacancy Rate in Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
Trends in Florida Rental Vacancy Rate
The rental vacancy rate in Florida peaked in 2009 at 13.16%. Since then it has fallen by 4.44% to 8.72%. Data records for this series originated in 2005.
Rental Vacancy Rate: Florida, US
Historical Rental Vacancy Rate data for Florida
| Date | US | Florida |
|---|---|---|
| 2019 | 5.97% | 8.72% |
| 2018 | 6.15% | 8.52% |
| 2017 | 6.18% | 9.16% |
| 2016 | 5.89% | 8.30% |
| 2015 | 5.85% | 7.79% |
| 2014 | 6.32% | 8.66% |
| 2013 | 6.49% | 9.22% |
| 2012 | 6.77% | 9.37% |
| 2011 | 7.40% | 10.91% |
| 2010 | 8.17% | 12.17% |
| 2009 | 8.43% | 13.16% |
| 2007 | 7.87% | 11.55% |
| 2005 | 7.74% | 7.72% |
Florida Rent as a Fraction of Income
Using median household income data for Florida, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Florida, median monthly gross rent as a fraction of median household income was 25.08% in 2019 according to the ACS.
Florida Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Florida | 25.08% | -0.49% | -0.54% |
Trends in Florida Rent as a Fraction of Income
The fraction of median Florida household income required to pay median monthly gross rent peaked in 2017 (relative to the 2005 series origin) at 25.74%. Since then it has fallen by 0.65% to 25.08%.
Fraction of Income towards Rent: Florida, US
Historical Data for Annual Rent as a Fraction of Income in Florida
| Date | US | Florida |
|---|---|---|
| 2019 | 20.03% | 25.08% |
| 2018 | 20.50% | 25.57% |
| 2017 | 20.13% | 25.74% |
| 2016 | 20.43% | 25.62% |
| 2015 | 20.63% | 25.40% |
| 2014 | 20.89% | 25.36% |
| 2013 | 20.78% | 25.34% |
| 2012 | 20.65% | 25.42% |
| 2011 | 20.70% | 25.71% |
| 2010 | 20.50% | 25.59% |
| 2009 | 20.12% | 25.54% |
| 2007 | 18.66% | 23.22% |
| 2005 | 18.89% | 22.88% |
Renter Fraction in Florida
You can calculate the renter fraction in Florida in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Florida as a fraction of total Florida households. In 2019 33.75% of households were renters according to Census ACS data.
Florida Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Florida | 33.75% | -0.33% | -2.12% |
Trends in the Florida Renter Fraction
The Florida household renter fraction peaked in in 2015 at 36.22% and is now 2.47% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Florida, US
History of Florida Renter Fraction
| Date | US | Florida |
|---|---|---|
| 2019 | 35.89% | 33.75% |
| 2018 | 36.05% | 34.08% |
| 2017 | 36.13% | 34.85% |
| 2016 | 36.88% | 35.87% |
| 2015 | 36.97% | 36.22% |
| 2014 | 36.90% | 35.95% |
| 2013 | 36.50% | 35.21% |
| 2012 | 36.09% | 34.36% |
| 2011 | 35.42% | 33.28% |
| 2010 | 34.65% | 31.85% |
| 2009 | 34.13% | 31.52% |
| 2007 | 32.80% | 29.39% |
| 2005 | 33.10% | 30.43% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
