Florida is bucking the national housing trend, real estate firm says
How much did Jacksonville's median asking rent decrease?
Jacksonville's median asking rent experienced a decline of 12.4% year over year in June, marking the biggest drop in the area since 2019. This decrease resulted in the median asking rent falling to $1,582 per month.
What is the current national housing trend according to Redfin?
According to Redfin, the national housing trend shows that the median apartment asking rent in the U.S. rose 0.7% year over year in June, reaching $1,654. This marks the highest median price since October 2022. However, Florida's rental market is bucking this trend, with the four most populous metro areas in the state experiencing rent price declines.
What was Tampa's median asking rent decline percentage?
Tampa's median asking rent declined by 6% year over year in June, marking the largest decline on record for the area, according to Redfin. This decrease in rent prices is attributed to an influx of apartments built during the pandemic and the overheating of the rental market during that time.