Deep Rent Cuts in Some Florida Markets in 2023

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Apartment rent growth in Florida hit a snag in 2023, after two years of leading the nation for price hikes. Apartment demand remained solid in the past year in the Sunshine State, but new apartment construction has been more significant, causing occupancy and rents to backtrack. Some of Florida’s apartment markets ranked in the nation’s top quartile for inventory growth in 2023, including Jacksonville, Sarasota, Cape Coral and Ocala. In fact, Ocala is one of the fastest growing apartment markets nationwide, with nearly 20% of existing inventory underway, according to data from RealPage Market Analytics. These same Florida markets ranked among the nation’s worst for price cuts in 2023, with declines as deep as 6.7% in Ocala. Conversely, Miami and Gainesville – two markets that managed minimal rent growth in 2023 – have relatively manageable supply pipelines.

For more information on the state of Florida’s apartment market, including forecasts, watch the webcast Market Intelligence: Q1 Florida Update.