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Florida Renters Face Rising Housing Costs, New Report Reveals

Florida renters face rising housing costs, new report reveals

Florida’s Rental Crisis: Over 905,000 Households Struggling with Housing Costs

According to the 2025 Statewide Rental Market Study conducted by the University of Florida’s Shimberg Center for Housing Studies, a staggering 905,000 low-income renter households in Florida are facing significant challenges in affording their housing expenses. This report, prepared for the Florida Housing Finance Corporation, highlights the urgent need for affordable housing solutions across the state.

Understanding the Housing Market Landscape in Florida

The comprehensive study provides vital insights that will guide funding decisions for Florida Housing’s multifamily programs, such as the State Apartment Incentive Loan (SAIL) program.

"Florida’s strong population growth has collided with limited housing supply, pushing rents beyond what many families can afford," states Anne Ray, manager of the Florida Housing Data Clearinghouse at the Shimberg Center. "This report helps policymakers and housing providers target resources where the need is most acute—particularly in communities that are experiencing rapid growth and significant affordability gaps."

Key Findings from the 2025 Rental Market Study

  1. The Affordability Gap is Expanding:

    • Approximately 904,635 renter households earning below 60% of their area median income (AMI) are considered cost burdened, spending over 40% of their income on rent.
    • Distribution of these households:
      • 64% in Florida’s nine most populous counties
      • 33% in mid-sized counties
      • 3% in small, rural counties

  2. Surge in Population and Renting Costs:

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    • From 2019 to 2023, Florida saw an increase of over 1 million households, including nearly 195,000 new renters, largely due to migration from states like New York, Illinois, and California.
    • Despite the addition of more than 240,000 multifamily units, median rent skyrocketed by nearly $500, climbing from $1,238 to $1,719.

  3. Stabilization of Older Renters:

    • Renters aged 55 and older now account for 39% of cost-burdened households, a rise from 29% in 2010 but consistent with 2022 figures.

  4. Employment Among Renters:

    • A remarkable 79% of renter households include at least one employed adult, compared to 67% of homeowner households. The majority of non-working renters are seniors or individuals with disabilities.

  5. Rising Homelessness:

    • The report reveals that 29,848 individuals and 44,234 families lack stable housing, a notable increase from 2022, exacerbated by natural disasters and a competitive housing market.

  6. Affordable Housing Solutions:

    • Developments funded by Florida Housing, HUD, USDA, and local housing finance authorities provide over 314,000 affordable rental units statewide, acting as a crucial alternative to high-cost rental options.
  7. Future Risks to Affordable Housing:
    • More than 33,000 publicly assisted units may lose affordability protections by 2034 unless renewed, necessitating urgent action.

Prioritizing Affordable Housing Initiatives

The Role of Assisted Housing

"State- and federally-assisted rental housing developments are essential for providing stable, affordable homes for Florida’s workforce, seniors, and people with special needs," emphasizes Ray.

The programs by Florida Housing Finance Corporation play a significant role in maintaining a balance in the housing market.

Continuous Assessment for Strategic Investment

Since 2001, the Shimberg Center has produced the Rental Market Study every three years, aiming to inform strategic investments in affordable housing throughout the state. The study evaluates the urgent needs across various regions and key demographics, including seniors, individuals with disabilities, and farmworkers.

This research is part of a 25-year partnership between the Shimberg Center and the Florida Housing Finance Corporation, dedicated to fostering data-driven housing policies and planning solutions.

For more insights and resources on affordable housing in Florida, explore Florida Housing Finance Corporation and the Shimberg Center for Housing Studies.

By focusing on these issues, stakeholders can effectively target their efforts to combat Florida’s pressing housing crisis and ensure that affordable options remain accessible for all residents.

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