Florida is experiencing a marked split in rent trends, with Gulf Coast markets seeing lower rent prices compared with last year, while prices in Atlantic coast markets are increasing, according to Apartment.com's latest rental report.
Emblematic of this trend, Naples joined fellow Gulf Coast cities Sarasota, Fort Myers and Cape Coral among the top five cities with the biggest rent decreases across the country. Meanwhile, Atlantic coast cities, Hollywood, Miami, Fort Lauderdale and West Palm Beach are all experiencing higher rents compared with last year.
Apartments.com noted vacancy rates in the Sunshine State are also split, with Atlantic coast cities having lower vacancy rates than Gulf coast cities. Vacancy rates along the Gulf Coast have been rising in the wake of hurricanes Helene and Milton in 2024, the report said.
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Across the country, demand surpassed supply in June for the first time since 2021, with demand spiking during the month in line with seasonal norms. However, the market is showing signs of a plateau in rent growth and vacancy rates, suggesting a deceleration in summer moving activity.
Rents across the country averaged $1,636 per month for a one-bedroom apartment, up 0.9% year-over-year. Average rent for a two-bedroom unit was $1,896 per month in June. Vacancy held steady at 8.1% but is expected to drop over the next few months to 7.5%, the report said.
The states with the largest rent increases in June 2025 were Illinois, up 3.9%, North Dakota, up 3.8% and Rhode Island, up 3.7%. The states with the lowest rent prices were Oklahoma, West Virginia and Arkansas. Oklahoma has the lowest overall rent price at $903 per month.
The city with the largest rent increase in June was Brookline, Massachusetts, rising 6.5% for the month, marking the second consecutive month at the top of the rent growth list. Hollywood, Florida, saw the second-largest increase at 6.1%, followed by Chicago, which rose 4.6%, Brooklyn, with a 4% increase and Columbus, Ohio, with growth of 3.7%.
The five markets with the biggest in June were Cape Coral, where rents plunged 6.3%, Naples, falling 3.2%, Fort Myers, dropping 3%, Sarasota, with prices down 2.7% and Denver was down 2.4%. Naples replaced Austin on the rent decrease ranking as prices in the Texas capital dropped by only 0.5% between May and June.
The markets with the most expensive rents in June were New York ($4,022); Hoboken, New Jersey ($3,761) and and Boston ($3,530), while the lowest rents could be found in San Antonio ($1,108), Cincinnati ($1,112) and St. Louis ($1,120).
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
