Landlords going into default. Florida rental market on verge of collapse.

Rents are dropping across the state of Florida according to a new report from Redfin. Especially in the Tampa-St Pete metro, where asking rents are down -8% YoY. These declining rents are now causing big problems for landlords across the state, and causing many to sell.

Rental rates boomed in Florida during the pandemic, increasing as much as 30-40% in some markets. But now they are on the way down. Cap Rates in Florida are dropping as a result, and we're seeing more inventory hit the market for sale in cities like Naples, Sarasota, and Tampa as a result.
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