ORLANDO, Fla. (WESH) — Skyrocketing rent is putting many Central Floridians in a bind.
Krystal Blair says the rent is so high she’s moved in with family until the market turns back around.
That might not happen until more apartments are built.
People living in apartments have always been able to expect their rent to go up when it’s time to renew. Blair said she was ready for it.
“I’m always expecting $100, maybe $150, because everybody does it. You start low and then you end up high,” Blair said.
However, she had no idea how high her rent would go. Her complex wanted $800 more per month.
“I was like no, I can’t do it,” Blair said.
Market analyst CoStar group found the going rates were 21.5% higher than last year in the most recent quarter.
Many people are reporting their apartment complexes are asking for several hundred dollars more per month.
Trinity Kutchinsky with the Apartment Association of Greater Orlando says one reason is that apartments are almost completely full.
“Across the nation, we’re seeing these vacancy rates hit all-time lows,” Kutchinsky said.
Central Florida has long had a shortage of affordable housing but we also have rapid population growth.
Kutchinsky says not enough new housing is being built.
“Our big push right now is getting that additional inventory that’s needed into the market,” Kutchinsky said.
Blair left that old apartment and is now staying with family until the market calms down.
“I’m going to give myself about two and a half months to just save, save, save. And hopefully, I can find myself a nice house,” Kutchinsky said.