The cost of renting has reached an all-time high. Nationwide, the average rent equaled $1,412 in August 2018, up 3.1% year-over-year, with rents increasing in 89% of the nation’s biggest cities, according to RENTCafe’s Apartment Market Report for August 2018. This is the fastest annual increase in rent costs in 18 months!
How does Florida stack up? Two Central Florida cities were at the top of the report for having some of the fastest-rising rental costs in the nation, with rent prices rising at more than twice the rate of the national average. In Orlando, rent costs are rising faster than in any of the other 20 cities included in the report. Orlando renters saw a 7.7% increase in rent prices over the last year, with average rent reaching $1,393 in August. And, Tampa saw the third-highest rent cost increases nationwide, with the average cost of rent rising 6.4% in the past year. As of August, the average rent in Tampa was $1,287.
To compile the report, RENTCafe’s research team analyzed rent data across the 252 largest cities in the US. The report exclusively references apartment data related to buildings containing 50 or more units. This report includes cities with populations over 100,000 and a rental stock of at least 2,900 apartments in 50+-unit buildings. Rent data was provided by Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources. The rental rates used refer to Market Rate properties only, meaning apartments with no rent restrictions. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.
With rent costs increasing in Florida, now is a great time to move away from renting and move into a home of your very own! With mortgage rates still at historic lows, low down payment mortgage options (and Florida down payment assistance programs), and Orlando and Tampa new homes available with prices starting from the $180’s, you can own a new home in Orlando or Tampa for less than the cost of renting!
For example, if your purchase a new home in Tampa priced at $180,000, with an FHA 30-year fixed mortgage with a 3.5% down payment and 4.90% interest rate, your monthly mortgage payment is under $1,300 total including property taxes, homeowners insurance, and FHA required PMI. And when you own instead of renting, with a fixed-rate mortgage your monthly payment will stay the same year after year, instead of rising at historic speeds like the rent prices are. Home ownership also provides tax benefits and the ability to build wealth through equity in your home. Perhaps best of all, you are investing in your own home and future rather than your landlord's!
As a Florida home builder, we would be honored to help you find the new home of your dreams and save money when compared to rising rents!
In metro Orlando, Gramercy Farms offers new homes in St. Cloud with prices starting from the $220’s. Located just moments away from the Florida Turnpike and Highway 192, enjoy a desirable location, community amenities and beautiful lake views, plus choose from more than 10 home plans designed for your life! Gramercy Farms is the place to call home in Orlando.
If you are looking for a home in Tampa, choose from four unique communities with distinct home designs and sought-after locations:
Ready to stop spending your hard-earned money on ever-increasing rent prices? Contact our New Home Specialists by calling 863-797-4999 or emailing us and take the first step towards owning your very own home in Orlando or Tampa!
Location, home designs, features and prices are subject to change without notice. We are pledged to the letter and spirit of the U.S. policy for the achievment of equal housing opportunity throughout the Nation. We encourage and support an affirmative marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.TP