Report: Some Floridians, pointing to high rents, are moving to Georgia | Business Observer (2024)
A new report from Florida TaxWatch found that rents have begun to stabilize after a huge influx of residents moving into the state drove housing costs up during and immediately after the pandemic.
Even with a small drop, the report states some residents, even as Florida remains a national leader in picking up people from other states, are leaving the Sunshine State and heading north to Georgia.
The nonprofit government watchdog group’s "2024 Update: Long-Term Rental Markets in Florida" found that rents in the state’s biggest cities, including Tampa, remain high but have been declining since November, a sign of a potential “slow down” throughout the year.
In Tampa, the year-over-year average cost for a two-bedroom apartment dropped 0.5% to $1,900 per month and in St. Petersburg dropped 8.3% to $2,000 per month. In Miami, rent on a two bedroom rose 0.6% to $3,500.
The news that rents are steadying out, and possibly beginning to decline, after peaking in June 2022 should be welcome but the reality is the costs of renting remains significantly higher in Florida than it was before the pandemic and the work from home trend began bringing so many newcomers here.
One standout stat in the report that proves that: Florida’s median rent price jumped 30.1% between December 2020 and December 2023, going from $1,187 per month to $1,545 per month in December 2023.
As the population continues to grow and rents stabilize, the question is now whether people will stay. While much has been made about migration to Florida, the report finds Floridians have been heading to Georgia as prices here rose — this despite the fact that the Peach State has a state income tax.
The report, citing U.S. Census Bureau state-to-state migration data, says 738,969 new residents moved to Florida in 2022 while 51,380 Florida residents moved to Georgia. That accounts for more than 15% Georgia’s new residents that year.
Florida TaxWatch Acting President and CEO Jeff Kottkamp says in a statement that “affordability — which is largely driven by housing costs — determines whether they will stay” in the state.
“Fortunately, initiatives like the ‘Live Local Act’ of 2023 have helped the rental market begin to stabilize, but the Florida Legislature must continue to support renters and ensure Florida remains both a desirable and affordable place to live and work,” he says.
The number one cause of high rents and high home prices -- not just in metro Atlanta but across the state and across the country -- is too little supply," Wingfield said. But Bell said local governments should have a say in how much rents can and can not rise. "They know what's best for their communities.
Why is rent so high in Florida 2021? Each year, the number of northerners moving to Florida increases which causes the demand for housing to increase. Supply and demand determine prices. High demand equals high prices.
The average rent in the Sunshine State was $2,400 in February 2024, down $33, or 1.37 percent, compared to January, according to real estate market website Redfin.
Georgia currently has no rent control ordinances on rent adjustments. If you are a landlord living in the Peach State, you can raise the rent without limitations.
Are There Any Limits To Rent Increases In Georgia? No, they aren't. Landlords can increase rent prices as much as they want. Georgia has not imposed a cap on the amount that property owners can request for a rental unit.
In Georgia, landlords cannot kick tenants out of or prevent access to a unit without first going through the court dispossessory (eviction) process. Self-help evictions are illegal, even if the tenant has violated the lease.
Rents are not likely to drastically rise in the near future as the South Florida rental market is starting a gradual cooldown. One sign of that: The average rent in the Miami-metropolitan area, which accounts for Miami-Dade, Broward and Palm Beach counties, took a 0.11% dip in December.
Taxes are lower compared to many states, with no state income tax and reasonable rates for property (0.83%), corporate (5.5%), and sales taxes (7.01%). Plus, smaller towns offer more budget-friendly housing options. On the flip side, larger cities like Miami and Tampa can stretch your budget.
Renting may offer flexibility but lacks equity growth; however, homeownership can provide financial benefits over time. Keep in mind that each option has its pros and cons depending on your lifestyle choices. So analyze your needs carefully when deciding whether to buy or continue renting in Florida!
(NerdWallet) – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.
Georgia is a landlord-friendly state. The eviction process has no real limitations, making it easy for landlords to amend any rent payment-related issues they have with tenants. Georgia also does not have any restrictions on how much they can charge for rent or security deposits.
If your landlord refuses your rent, they cannot file an eviction against you for nonpayment. If the landlord does file against you, you will need to file an answer explaining to the court that you offered the full rent payment but it was refused.
Georgia is a landlord-friendly state because its security deposit laws do not limit the amount a landlord can collect for a security deposit. However, landlords must return the security deposit within 30 days if it is not used to cover any costs.
Apartment inventory is higher between the months of May and September, given the considerable turnover during these months. Rental rates also tend to be higher during the summer months.
Meanwhile, the South has seen a lot of new construction coming to market, with the median asking rent falling by 1.2% from a year ago. Memphis, Tennessee saw rents drop 5.5% to $1,247, followed by Atlanta, down 3.8% to $1,619, Austin, Texas down 3.6% to $1,547 and St. Louis, Missouri down 3.6% to $1,295.
Atlanta is the #42 most expensive large city in the U.S., with a median rent of $1,538. Citywide, the median rent currently stands at $1,542 for a 1-bedroom apartment and $1,543 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,538.
Introduction: My name is Margart Wisoky, I am a gorgeous, shiny, successful, beautiful, adventurous, excited, pleasant person who loves writing and wants to share my knowledge and understanding with you.
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