FLORIDA – Median apartment rental costs in Florida have been mixed over the past year, according to a new report from Rent Research. Two of the state’s largest housing markets saw rent increases, with one metro area increasing more than 10 percent, while rental costs fell slightly in other areas.

The report, released Monday, shows the median apartment price was $2,117 in Florida in March, a decrease of 8.80 percent from a year ago. March rental costs were down 0.83 percent from February.

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The 10 states that saw the largest year-over-year decreases in rental costs were Florida, Oregon, Idaho, North Carolina, Nevada, Colorado, Tennessee, Washington, Kentucky and Pennsylvania, respectively. The declines ranged from -8.80 percent to -1.38 percent.

The 10 states that saw the largest increases over the past year were Minnesota, Michigan, Kansas, Missouri, New York, New Hampshire, Indiana, Iowa, Wisconsin and Connecticut, respectively. The increases ranged from 13.34 percent to 66.2 percent.

In Florida, the average price of an apartment in February was mixed compared to the same period last year, depending on the market. While Jacksonville and Orlando renters pay more, Tampa and Miami renters pay slightly less.

• Jacksonville: $1,804, 10.50% more than a year ago

• Orlando: $2,247, 5.59% more than a year ago

• Miami: $3,057, 0.57% less than a year ago

• Tampa: $2,208, 0.65% less than a year ago

Among metropolitan areas, the 10 cities with the largest rent increases are Oklahoma City; Providence, Rhode Island; St. Louis; Kansas City, Missouri; San Jose, California; Jacksonville, Florida; Minneapolis; Seattle; Orlando, Florida; and Cincinnati, Ohio. The increases ranged from 20.37 percent to 6.5 percent.

Nationally, rental costs have increased moderately over the past three months, indicating a return to peak season demand in the rental market heading into the spring and summer months, according to the report. The median price of an apartment was $1,987 in March. Rental costs increased 0.77 percent over the past year, 0.30 percent last month and 1.17 percent since January.

“While there were moderate gains in March, more substantial rental growth continues to be hampered by high housing costs, which are holding potential buyers back in the rental market,” the report says. “At the same time, oversupply in rental markets has also tempered stronger rental growth despite increased demand ahead of the peak leasing season.”

According to the report, in the final quarter of 2023, nearly 7 percent of the U.S. apartment stock was vacant, compared to pre-pandemic levels.