Median rent prices in Orlando this month have remained steady, and have even very slightly dipped for those seeking one- and two-bedroom apartments. But for many, Orlando's rents still remain out of reach, or at risk of pricing out longtime locals who live and work in the City Beautiful.
A national report from Zumper this week shows that median rent for a one-bedroom apartment in Orlando decreased 2.6 percent this month to $1,510, while rent for a two-bedroom apartment fell 0.5 percent to $1,840. “September signaled a cooling off in the hot moving season as national one and two-bedroom rents both decreased on a monthly basis — a trend which we have not seen in the last five months,” Zumper CEO Anthemos Georgiades shared in a statement, optimistically.
This small dip, certainly more welcome for renters than surges seen in 2021 and 2022, may not be a cause for celebration for everyone.
For those who earn less than about $54,000 annually, or $26 and change per hour, even that one-bedroom apartment cost may leave you financially strapped — what housing experts formally describe as “cost-burdened.” According to the U.S. Census Bureau, nearly half of U.S. renters meet this description, meaning they spend 30 percent or more of their monthly income on housing costs. Black and Hispanic renters, data shows, are even more likely to spend greater shares of their income on housing.
A recent report from the National Low Income Housing Coalition, released this summer, found that adults in the Orlando metro area specifically need to earn at least $31.50 an hour to comfortably afford a one-bedroom apartment, or $35.71 an hour to afford a two-bedroom rental (provided they're not rooming up, or otherwise splitting the cost with others). That calculation from the NLIHC was based on the Orlando metro area’s fair market rent at the time, which rested at $1,638 for a one-bedroom or $1,857 for a two-bedroom.
That's affordable for some of Orlando’s residents (37 percent of whom are renters), but not all. According to Census data, the median household income in Orlando was roughly $69,000 as of last year, or $56,924 for a “non-family” household — meaning you either live alone, or with one or more people you are not related to, such as a roommate.
Furthermore, about 37 percent of Orlando households earn less than $50,000 a year (or about $24 an hour, working full-time). That's a figure that may very well include many of those working in the predominantly low-wage tourism industry — including Orlando’s theme park, food service and hotel jobs — as well as low-wage healthcare jobs (such as certified nursing assistant positions), retail workers and janitors. Florida's state minimum wage is currently just $12 an hour, and is set to rise to $13 an hour — at full time and before taxes, an annual salary of $27,040 — on Monday.
A point-in-time homeless count by the Homeless Services Network of Central Florida this year identified a greater share of older adults in the Orange, Osceola, and Seminole County areas this year who were “unsheltered,” meaning they lived on the street or sidewalks, in the woods, or in other places that are not considered habitable.
About 24 percent of adults identified as homeless across the tri-county region this year were over the age of 50, according to the Homeless Services Network. About 7 percent, or nearly 200 adults, were over the age of 65.
“For many people who live on Social Security or pensions, the cost of housing, food and medical care is simply outpacing their modest cost-of-living increases,” Martha Are, CEO of the Homeless Services Network, explained in an announcement of this year’s numbers back in June.
Nationally, Orlando is ranked as the 33rd priciest rental market in the latest Zumper report, with Miami being the only city in Florida to crack the top 10. Leading the pack currently is New York City at No. 1 — where median rent has increased about 10 percent year-over-year, to $4,500 for a one-bedroom — followed by Jersey City, New Jersey; San Francisco, California; and Miami, Florida.
Median rent for a one-bedroom in Orlando in June of 2019 was about $1,323, according to Zumper, up 8 percent from the year prior. Nationally, the cost of childcare, groceries and other basic expenses have also increased (and don't get us started on homeowners' insurance — according to Census data, Florida is leading the pack on the number of homeowners who reported paying $4,000 a year or more for homeowner’s insurance last year).
While rent prices have started to stabilize in the Orlando area, they're still hundreds of dollars higher than they were just a few years ago, and not everyone who's been able to afford to stick around has seen a similar increase in wages, or other forms of income in order to make it work. Orange County, which includes Orlando, saw over 15,000 eviction filings last year, according to Central Florida Public Media.
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