Apartment rents in Metro Orlando have risen 4.5 percent during the past year, far outpacing the growth in wages and putting some tenants in a financial crunch.
The monthly rent on apartments of all sizes averaged $930 in April, up $40 from the same month in 2013, according to a survey by ALN Apartment Data Inc. In addition to rising rents, promotional deals for a month of free rent have all but disappeared.
During the same period, the median family income in Orange, Seminole, Lake and Osceola counties rose only 1 percent to $55,727, according to the U.S. Department of Housing and Urban Development. And inflation was only 2 percent during that time.
Orlando Sentinel’s Mary Shanklin talks with FOX35 about apartment rents in Metro Orlando that have risen 4.5 percent during the past year. (Video by FOX35) Go ahead, watch now:
By Mary Shanklin, Orlando Sentinel – 7:51 p.m. EDT, May 27, 2014