Florida Apartment Market Shows Early Signs of Divergence as Recovery Takes Shape

Florida’s apartment markets are no longer moving in lockstep with each other.

While Florida overall remains in recovery mode, market performance is beginning to diverge meaningfully. Some metros are showing tangible signs of stabilization and renewed momentum, while others continue to wrestle with weak demand and elevated supply pressure.

Statewide, rents increased 0.6% in 2nd quarter 2026, an improvement from the essentially flat performance recorded during the same period last year. This was less than half the price increase in the U.S. overall (1.4%).

Jacksonville led the state in 2nd quarter 2026 with 1.5% rent growth, benefiting from a sharp slowdown in deliveries and improving fundamentals, while Orlando followed closely with 1% quarterly growth as rising retention and easing supply pressures helped restore balance.

Miami and Fort Lauderdale remained relatively stable but saw slower growth as job additions and leasing traffic cooled. At the other end of the spectrum, Cape Coral and Sarasota continued to face some of the nation’s weakest apartment fundamentals due to heavy supply pressure and soft demand, although Cape Coral at least recorded its first positive quarterly rent growth since early 2023.

For more information on the state of Florida apartment markets, including forecasts, watch the webcast Market Intelligence: Florida Q3 Update.