Florida’s “Fair Market Rent” prices have surged between fiscal years 2023 and 2024, according to the Department of Housing and Urban Development.
Fair Market Rent — or FMR — is a measure of how much rent should cost in a given area, depending on factors like the number of bedrooms a given unit has.
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Thanks to inflation and a huge influx of people moving to the state, rental rates in Florida have been increasing quite a bit.
But by how much?
The data shows that statewide, the largest FMR growth* was in the Jacksonville Metro Area, with a nearly 24% rate increase.
Despite that, the most expensive location in the state for FMR is in the Miami-Miami Beach-Kendall Metro Area, reaching up to $3,589 per month for a four-bedroom unit.
See the graph below for a full county-by-county breakdown of these FMR rate increases.
However, in Central Florida, the largest increase was in the Orlando-Kissimmee-Sanford Metro Area, which spans through Lake, Orange, Osceola and Seminole counties.
That area is also the costliest in terms of FMR, reaching up to $2,849 for a four-bedroom unit, the data shows.
The FMR growth and rates for 2024 in Central Florida are as follows:
| County | Metro Area | Growth* | 1-Bed | 2-Bed | 3-Bed | 4-Bed |
|---|---|---|---|---|---|---|
| Brevard | Palm Bay-Melbourne-Titusville MSA | 5.46% | $1,214 | $1,434 | $1,938 | $2,263 |
| Flagler | Palm Coast HUD Metro FMR Area | 9.35% | $1,159 | $1,465 | $1,977 | $2,337 |
| Lake | Orlando-Kissimmee-Sanford MSA | 14.96% | $1,638 | $1,857 | $2,362 | $2,849 |
| Marion | Ocala MSA | 12.14% | $1,043 | $1,266 | $1,619 | $1,768 |
| Orange | Orlando-Kissimmee-Sanford MSA | 14.96% | $1,638 | $1,857 | $2,362 | $2,849 |
| Osceola | Orlando-Kissimmee-Sanford MSA | 14.96% | $1,638 | $1,857 | $2,362 | $2,849 |
| Polk | Lakeland-Winter Haven MSA | 7.87% | $1,012 | $1,250 | $1,679 | $2,121 |
| Seminole | Orlando-Kissimmee-Sanford MSA | 14.96% | $1,638 | $1,857 | $2,362 | $2,849 |
| Sumter | The Villages MSA | 13.66% | $951 | $1,250 | $1,572 | $1,665 |
| Volusia | Deltona-Daytona Beach-Ormond Beach Metro FMR Area | 8.83% | $1,152 | $1,413 | $1,865 | $1,925 |
*Figures are based on average for FMR rate increases of efficiency, 1-bedroom, 2-bedroom, 3-bedroom and 4-bedroom units
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