Nearly 905K Florida Renters Priced Out as Affordability Crisis Deepens

Florida's rental market is in crisis. The 2025 Statewide Rental Market Study from the University of Florida's Shimberg Center for Housing Studies paints a stark picture: nearly 905,000 renter households earning below 60% of their area median income are cost-burdened, paying more than 40% of their earnings toward rent. The analysis, prepared for Florida Housing Finance Corporation, found that Florida now ranks worst in the nation for renters, with only 25 to 26 affordable and available rental homes for every 100 extremely low-income renters. The crisis stems directly from Florida's explosive growth colliding with inadequate housing supply. Between 2019 and 2023, Florida added more than 1 million households—nearly 195,000 of them renters—driven by migration from states like New York, Illinois, and California. Yet median rent soared nearly $500 per month, climbing from $1,238 to $1,719, a 39% increase in four years. Despite the addition of over 240,000 multifamily units during that same period, construction failed to meet demand at price points where need is greatest. "Florida's strong population growth has collided with limited housing supply, pushing rents beyond what many families can afford," said Anne Ray, manager of the Florida Housing Data Clearinghouse. The burden extends across demographics and employment status. The study found that 79% of cost-burdened renter households have at least one employed adult, yet they still cannot afford stable housing. Renters age 55 and older now represent nearly 40% of cost-burdened households as rising property taxes, insurance costs, and maintenance expenses have made homeownership unfeasible for older Floridians. Miami-Dade County, the second-least affordable rental market nationally, faces a deficit of more than 90,000 affordable units, projected to grow to 116,000 by 2030. Meanwhile, homelessness is rising, with an estimated 29,848 individuals and 44,234 families without stable housing, up from 2022. Preserving existing affordable housing has become critical to addressing the crisis. Florida currently maintains 314,200 affordable rental units supported through state, federal, and local programs. However, more than 33,000 of these units could lose affordability protections by 2034 unless contracts are renewed. The study emphasizes that preservation is often faster and more cost-effective than new construction, particularly in markets where land costs, labor shortages, and rising insurance premiums make development financially prohibitive. State policymakers face mounting pressure to direct resources where need is most acute—particularly in Florida's nine most populous counties, where 64% of cost-burdened renters are concentrated.