Rents in metro Orlando rising faster than incomes

Renters in the Orlando-Kissimmee-Sanford metro area are feeling a bit of a pinch in the pocketbook or wallet, as rents here rose 12.41 percent, while incomes only rose 9.48 percent between third-quarter 2009 to third-quarter 2014, a new study by the National Association of Realtors shows. Rents in metro Orlando rising faster than incomes.

However, compared with other metros included in the study, things look a lot better for Central Florida. The top markets where renters have seen the highest increase in rents since 2009 are New York (50.7 percent); Seattle (32.38 percent); San Jose, Calif. (25.6 percent); Denver (24.1 percent) and St. Louis (22.3 percent).

“In the past five years, a typical rent rose 15 percent while the income of renters grew by only 11 percent,” said NAR chief economist Lawrence Yun. “The gap has worsened in many areas as rents continue to climb and the accelerated pace of hiring has yet to give workers a meaningful bump in pay.”

So how does Orlando stack up against other Florida metros? Jacksonville saw rents rise 10.01 percent in that time period, while incomes rose 8.11 percent. Miami fared worse, with rents up 16.47 percent and incomes up just 0.71 percent. Tampa, meanwhile, saw rents rise 12.89 percent and incomes up 6.14 percent.