This is very bad news for the people of Orlando. Rents are once once more getting a boost. Far from the first time since the health crisis.
Expatriates or not, rents in the USA are generally high. On the other hand, the Sunshine State has always been known for having affordable rents and selling prices for housing. But unfortunately, this is only ancient history since, since the confinement in 2020, newcomers are driving up prices.
The health crisis, the first cause of rising rents
Indeed, with the health crisis, New Yorkers, among others, have left the city and its drastic restrictions, to settle where life is good. Especially in Florida. Where the cases of Covid-19 were much less flourishing than in New York, and where the restrictions were less. Thus, Fort Lauderdale, Tampa, Miami, Jacksonville, Orlando and their surroundings were taken over by the inhabitants of the richest Big Apple. Causing a considerable increase in real estate prices in Florida.
According to The Business Journals, the cities most affected are Fort Lauderdale, with an increase in rental prices of 29% on average, followed closely by Orlando, as well as Miami with an increase of around 27%. A much higher increase than the national average since it is 17%, a jump of nearly $250 per month compared to the previous year.
Orange County Helps
Living in the most magical city is no longer really a dream. And so that the situation does not turn into a nightmare, the county of Orange decided to invest 16 million dollars in “incentives for the construction of affordable housing”. In addition, in view of the elections next November in Florida, the county commission plans to put in place an ordinance to control rents. Something to turn everything upside down.
