Renters are feeling the pain of the housing crisis, with record-breaking rental prices making it more difficult than ever to save for a home, especially in the greater Orlando area.
With median U.S. rent recently surpassing $2,000 a month, Lawn Love compared 185 rental markets to determine 2022’s Most Expensive Metro Areas to Rent. To come up with their ranking, Lawn Love considered average rent prices (including year-over-year change), renters insurance premiums, and the share of renters spending 30% or more of their income on rent and utilities.
How does the Orlando-Kissimmee-Sanford, Florida metro area stack up? Here are the highlights:
Orlando’s Rank in Some Key Metrics (1st = Most Expensive)
- 1-Year Change in Average Overall Rent Price – 8th
- Share of Cost-Burdened Renters – 19th
- Number of Real Estate Investment Trusts – 27th
Other Florida cities ranked more expensive than Orlando: Cape Coral-Fort Myers ranked 12th, North Port-Sarasota-Bradenton ranked 8th, Naples-Marco Island ranked 3rd, and Miami-Fort Lauderdale-Pompano Beach ranked 2nd most expensive. New York-Newark-Jersey City ranked as the most expensive metro areas to rent.
Considering real estate companies have been flipping foreclosed houses to rent at exorbitant rates, the analysis also factored in the number of Real Estate Investment Trusts (REITs).
Lawn Love ranked the metro areas because Gen Z and Millennial families desire to live in a home with a spacious yard, and landlords tend to outsource lawn care services rather than do it themselves.
See the full rankings and analysis from Lawn Love here.
