Inflation has cooled, but its effects are s till being felt whether related to groceries, gas or rent. As things are getting more expensive, people are still having trouble paying their bills, specifically rental costs.
Renting costs changes almost every day, which makes some people feel the pressure of not being able to have affordable housing. With the continuing price increases for housing, it should be made easier for people to have simple resources and to not stress over the inflation of rental costs.
All over Florida, you see that apartment complexes or apartment buildings are being built. Turning on a block is almost impossible, and you don’t see construction on new buildings or a sign with “Now Leasing.”
But the main question to consider is, why are developers building these apartments just to have them at a price where people could barely afford them?
According to South Florida Realty Management, the qualifications for rental in Florida are based on income, credit score, rental history, outstanding balances and evictions. With income, you must prove that you make three times the property advertised for rent. You must have a credit score of 590 or better. You must have 12 months of verifiable rental history, with no more than three late payments. Lastly, you must not have an outstanding balance with a previous landlord or rental eviction.
Along with monthly rental costs and Florida’s rental qualifications, there is a shortage of affordable housing in Florida. According to the National Low Income Housing Coalition, only 34 affordable and available rental homes exist for every 100 extremely low-income renter households.
Some actions are being enforced to improve this standing about affordable housing. On March 29, 2023, Gov Ron DeSantis signed the Live Local Act. This bill would invest more than $700 million, expanding the availability of housing and downpayment assistance. This bill should focus on helping people gain more access to affordable housing and getting the proper resources to ensure they have a place to stay.
In 2023, lawmakers passed SB 494, which is Fees in Lieu of Security Deposits. This bill allows renters to have a less stressful transition with renting. Landlords can now offer alternative ways to traditional security deposits. This includes lower upfront costs, housing stabilities, broader options for renters, and flexibility.
With the housing market having a higher demand, the renting process is a headache. It is said that Florida has one of the highest inflation rates. As of September 2024, the average monthly rental costs are around $1,677. This high number isn’t what people would love to see, especially in this climate of inflation we’re living in.
Even though you’re looking to rent, prices go up and down daily. But those numbers could either be a hit or a miss. With the bills that have been approved, it’s become a waiting game to see if inflation will go down and be in a place where everyone can live comfortably.
With the population constantly growing in Florida by the day, it seems that the prices will continue to rise, as well as multiple developments of high-priced rental costs.