Florida’s rental market is presenting significant challenges for residents, with rising costs and a growing affordability gap impacting a large segment of the population. From manufactured home parks to general rental units, many Floridians are finding it increasingly difficult to keep up with escalating expenses, leading to difficult decisions about their housing.
Rent Surges Across the Sunshine State
A recent report from the University of Florida highlights a stark reality for Florida renters. Between 2019 and 2023, the state saw a surge in population, with over a million new households, nearly 200,000 of them renters. Despite the addition of new multifamily units, the median rent climbed by nearly $500, from $1,238 to $1,719. This increase has left an estimated 904,635 low-income renter households cost-burdened, spending over 40% of their income on rent.
Manufactured Home Parks Face Affordability Crisis
Residents of Florida’s manufactured home parks are also bearing the brunt of rising costs. Lot rents, the fees paid for the land a mobile home sits on, have nearly doubled across the state between 2015 and 2023. This trend is particularly affecting retirees and individuals on fixed incomes, who are often forced to take on extra work or face the prospect of leaving their homes. Park managers can also pass on additional service fees, further increasing the financial strain on residents.
Seasonal Demand Adds to Rental Volatility
Florida’s rental market is further complicated by its highly seasonal nature. The influx of "snowbirds" during the winter months drives up demand and prices, especially in popular coastal areas. While summer typically sees a dip in prices, the overall trend indicates a persistent increase in rental costs throughout the year. This volatility makes it challenging for long-term residents to budget and secure stable housing.
Key Takeaways:
- Nearly 905,000 low-income Florida renter households are cost-burdened.
- Median rent in Florida increased by approximately $500 between 2019 and 2023.
- Lot rents in manufactured home parks have nearly doubled since 2015.
- Seasonal demand, particularly in winter, contributes to higher rental prices.
- Rising housing costs are impacting vulnerable populations, including seniors and those on fixed incomes.
Broader Housing Market Trends
While some areas of the country are seeing home prices drop, Florida’s rental market continues to face upward pressure. Factors such as population growth, limited housing supply, and the increasing ownership of manufactured home parks by private equity firms are contributing to the affordability challenges. The situation is leading to displacement and forcing many residents to make difficult choices about their living situations.
Sources
- Home Prices Drop in 14 Major U.S. Metros, Including Parts of Florida and Texas, As Buyers Gain Upper Hand, Redfin.
- How Florida’s manufactured home parks are growing unaffordable, WUSF.
- Florida renters struggle with housing costs, new statewide report finds News, University of Florida.
- Rising lot rents squeeze Florida mobile home park residents, report says, Axios.
- How Seasonal Demand Affects Rent Prices in Florida, Sarasota Magazine.