Orlando apartment rents spike 18% since the start of 2021

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

Orlando apartment rents have jumped at the highest rate seen in nearly two decades -- a risk for many low-wage renters -- due to a combination of little supply and population and job growth.

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The City Beautiful’s apartment rents have shot up 18.8% since the start of the year, according to research by Brian Alford, CoStar Group’s director of market analytics for Central and West Florida.

The last largest annual rent increase tracked was 7%, which was recorded in 2006.

Experts say rent increases may continue this year, but it’s not known how fast.

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The average rent for an Orlando apartment is $1,541, according to RentCafe.

Click here to read Jack Witthaus’ story on the Orlando Business Journal’s website.

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FL minimum wage needs to double to make apartments affordable, housing report says Florida's minimum wage is less than half of what a person needs to afford a one-bedroom apartment, according to a recent report. (Charles Frazier, WFTV.com/WFTV)

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