A new statewide study reveals Florida’s rental market is facing a severe crunch, with demand significantly outpacing supply. Rising rents and limited affordable options are placing immense pressure on households across the state, particularly low-income families and seniors, leading to increased housing instability and homelessness.
Key Takeaways
- Florida added over one million households between 2019 and 2023, including nearly 200,000 new renter households.
- Despite an increase in multifamily units, median rents surged by 39%, from $1,238 to $1,719.
- Nearly 905,000 low-income renter households spend over 40% of their income on rent, risking housing instability.
- Renters aged 55 and older constitute nearly 40% of cost-burdened households.
- An estimated 29,848 individuals and 44,234 families are experiencing homelessness.
- Over 33,000 publicly assisted affordable units are at risk of losing affordability restrictions in the next decade.
The Growing Affordability Gap
The 2025 Statewide Rental Market Study, conducted by the University of Florida’s Shimberg Center for Housing Studies, highlights a critical imbalance in Florida’s rental landscape. While the state has experienced substantial population growth, the supply of lower-cost rental units has not kept pace. This has resulted in a dramatic increase in median rents, which rose by 39% between 2019 and 2023. This surge means that even with strong job growth, a significant portion of the population is struggling to afford housing.
Renters Are Working But Still Struggling
Contrary to common assumptions, the study found that 79% of renter households have at least one employed adult. This statistic underscores the severity of the housing cost burden, indicating that full-time employment is no longer a guarantee of housing affordability. Nearly 905,000 low-income renter households are now considered cost-burdened, spending more than 40% of their income on rent. This situation places them at a high risk of housing instability, forcing difficult choices between rent, food, and other necessities.
Older Floridians and Families Feel the Strain
The report also sheds light on the increasing vulnerability of older Floridians and families. Renters aged 55 and older now represent nearly 40% of cost-burdened households, a trend that reflects a growing reliance on the rental market among seniors. Furthermore, housing instability is on the rise, with an estimated 29,848 individuals and 44,234 families with children experiencing homelessness. This includes individuals doubled up with others, in shelters, or living in hotels and motels.
Affordable Housing at Risk
Florida’s publicly assisted housing programs serve as a vital safety net, providing over 314,000 affordable rental units. However, a significant portion of this stock faces an uncertain future. More than 33,000 units could lose their affordability restrictions within the next decade if existing contracts are not renewed or if new preservation funding is not secured. Experts emphasize that preserving existing affordable housing is often more efficient and cost-effective than building new units, especially in markets with high land, labor, and insurance costs.
Statewide Trends Point to Urgent Need
The trends observed across Florida’s urban, suburban, and rural counties are consistent: rapid in-migration continues to drive rental demand, new construction is not adequately addressing the need for affordable units, smaller households and seniors are increasingly reliant on rentals, and cost burdens remain high even for full-time workers. These factors collectively point to a clear and urgent need for comprehensive housing solutions that prioritize both new development and the preservation of existing affordable housing stock.
Sources
- Report Shows Florida’s Rental Crunch, | Florida Realtors.
- Florida renters struggle with housing costs, new statewide report finds News, University of Florida.
- Miami renters face tough choices amid housing crisis, Miami Herald.