Department of Numbers

Florida Residential Rent and Rental Statistics

The median monthly gross residential rent in Florida was $1,046 in 2015 according to the Census ACS survey.1 Average gross rent was $1,078 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Florida median and average rent data will be released in September of 2017.

Data is also available below for Florida rental vacancy rates, Florida rent as a percent of median income and the fraction of renters in Florida.

Show dollars as: Nominal Real

Real Gross Rent in Florida (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Florida Median Gross Rent $1,046 +4.81% +9.30%

Florida Real Gross Rent Trends

Median gross rent for Florida peaked in real terms in 2008 at $1,057 and is now $11 (1.04%) lower. Average gross rent for Florida peaked in real terms in 2008 at $1,079 and is now $1 (0.09%) lower.

Real Gross Rent in Florida: Median, Average, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Florida

Date US Median Florida Median Florida Average
2015 $959 $1,046 $1,078
2014 $930 $998 $1,031
2013 $898 $965 $994
2012 $886 $957 $989
2011 $887 $966 $992
2010 $901 $998 $1,014
2009 $905 $1,023 $1,043
2008 $920 $1,057 $1,079
2007 $874 $1,024 $1,043
2006 $883 $1,009 $1,023
2005 $858 $953 $965

Florida Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Florida was 7.79% according to Census ACS data.

Rental Vacancy Rate in Florida

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Florida 7.79% -0.87% -1.58%

Trends in Florida Rental Vacancy Rate

The rental vacancy rate in Florida peaked in 2009 at 13.16%. Since then it has fallen by 5.37% to 7.79%. Data records for this series originated in 2005.

Rental Vacancy Rate: Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Florida

Date US Florida
2015 5.85% 7.79%
2014 6.32% 8.66%
2013 6.49% 9.22%
2012 6.77% 9.37%
2011 7.40% 10.91%
2010 8.17% 12.17%
2009 8.43% 13.16%
2008 7.86% 12.67%
2007 7.87% 11.55%
2006 7.70% 8.32%
2005 7.74% 7.72%

Florida Rent as a Fraction of Income

Using median household income data for Florida, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Florida, median monthly gross rent as a fraction of median household income was 25.40% in 2015 according to the ACS.

Florida Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Florida 25.40% +0.04% -0.02%

Trends in Florida Rent as a Fraction of Income

The fraction of median Florida household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 25.71%. Since then it has fallen by 0.31% to 25.40%.

Fraction of Income towards Rent: Florida, US

Percent of median household income going towards median monthly gross rent in Florida

Historical Data for Annual Rent as a Fraction of Income in Florida

Date US Florida
2015 20.63% 25.40%
2014 20.89% 25.36%
2013 20.78% 25.34%
2012 20.65% 25.42%
2011 20.70% 25.71%
2010 20.50% 25.59%
2009 20.12% 25.54%
2008 19.00% 23.79%
2007 18.66% 23.22%
2006 18.90% 23.00%
2005 18.89% 22.88%

Renter Fraction in Florida

You can calculate the renter fraction in Florida in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Florida as a fraction of total Florida households. In 2015 36.22% of households were renters according to Census ACS data.

Florida Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Florida 36.22% +0.27% +1.86%

Trends in the Florida Renter Fraction

At 36.22%, the 2015 household based renter fraction in Florida was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Florida, US

Fraction of renters in Florida

History of Florida Renter Fraction

Date US Florida
2015 36.97% 36.22%
2014 36.90% 35.95%
2013 36.50% 35.21%
2012 36.09% 34.36%
2011 35.42% 33.28%
2010 34.65% 31.85%
2009 34.13% 31.52%
2008 33.36% 30.33%
2007 32.80% 29.39%
2006 32.73% 29.72%
2005 33.10% 30.43%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.