Although rents in the metro Orlando area remained flat over the past month, they have increased 6.9% year-over-year, a new report from Rentonomics shows.
Currently, median rents in Orlando average $1,030 for a one-bedroom apartment and $1,230 for a two-bedroom unit. Orlando's year-over-year rent growth leads the state average of 3.7%, as well as the national average of 2.7%.
Here's some additional market data:
- Sanford has the least-expensive rents in the Orlando metro area, with a two-bedroom median of $1,110. The city has also seen rents fall by 0.2% over the past month, the biggest drop in the metro area.
- Apopka has seen the fastest rent growth in the metro area, with a year-over-year increase of 10.8%. The median two-bedroom there costs $1,130, while one-bedroom units go for $950.
- Oviedo has the most-expensive rents of the largest cities in the Orlando metro area, with a two-bedroom median of $1,520. Rents were up 1.2% over the past month and 3.1% over the past year.
Meanwhile, rents increased moderately in other cities across the state, with Florida as a whole logging rent growth of 3.7% over the past year, Rentonomics said.
But there is a bit of good news for Orlando-area renters: You will find more reasonable prices in Orlando than most large cities. For example, San Francisco has a median two-bedroom rent of $3,010, which is nearly two-and-a-half times the price in Orlando.