Rental rates, especially in the state of Florida, have been increasingly on the rise. According to the Apartment List National Rent Report, month-over-month increases in the city of Tampa alone have been 0.2% and 5.6% year-over-year. Other big Florida cities like Orlando have seen month-over-month increases in rents at 0.7% and are up significantly by 7.4% in comparison to the same time last year. The U.S. average month-over-month is 0.1% and the year-over-year is currently at an expected rate of 2.3%, that means year over year Tampa rental rate increases are almost twice the national average, and Orlando’s rental rates are almost three times the national average.
According to myapartmentmap.com, the average rent for a studio apartment in Florida is $1,223. That’s $115 above the U.S. average. One-bedroom apartments go for a monthly average of $1,150, which is $152 above the national average.
The average rent in Florida jumps to $1,587 for a two-bedroom apartment, fully $366 higher than the U.S. average. And you’ll pay an average of $1,839 per month for a three-bedroom apartment. That’s $308 above the national average, according to SmartAsset.com. Compared to average Florida rental rates in 2015, which were around a steady $1,070.
With rising rental rates, more and more individuals are looking into options for owning a home as the costs for a mortgage can sometimes equal or even be less than the cost of renting. Other deciding factors such as a lack of equity and the inability to do things as simple as painting a wall or two also are driving more renters toward owning.
Here’s a Renting vs. Owning calculator from FBC Mortgage to help you calculate which options work best for not only your lifestyle, but your financial future: FBC Renting VS Buying Calculator
If you’ve done the math, here are some other benefits to owning vs. renting with an ICON Residential home: