New Florida Rental Lease Prices Are Falling: But Why Not Lease Renewals?

Florida's rental market is experiencing a downturn, with experts predicting further declines in rent prices through 2025, particularly in major cities. While new leases may reflect lower rates, lease renewals often see increases, with 70% of renters facing an average hike of 3.5% in 2024. Factors contributing to falling rent prices include increased supply of rental units and economic conditions. Tenants renewing leases may have less negotiation power, leading to higher rates. To negotiate lower rent, tenants should research market rates, highlight reliability, and consider longer lease terms.