ORLANDO, Fla. — In October, rental prices in Orlando declined by 1%, marking a notable decrease following last year’s 15% rise, according to Bank of America.
This decline occurs as many individuals and families pursue more affordable living options, driving a shift in rental market costs. Federal Reserve analysts note that renters in Central Florida now spend about half of their income on housing, well above the federal affordability standard of 30%.
Every county in the region dedicates at least 40% of residents’ income to housing, highlighting the increasing affordability challenges faced by many residents.
Last year, rents rose by 15%, putting more financial pressure on renters facing higher costs after the pandemic. Experts indicate that the recent decrease in prices could mark a correction in the Orlando rental market.
As rental prices keep declining, the impact on Central Florida’s housing market is still uncertain. Further analysis will be needed to understand the long-term effects on both renters and landlords.
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