The rising cost of rent is forcing many to get second and third jobs.Some people are finding roommates or new apartments due to the spike, but there are some signs of improvement for Central Florida renters. It’s not a huge drop in rates or slashed costs, but apartment hunting now may go better for some than it did six months ago.”We are seeing signs that rents are coming down,” Ken H. Johnson, a real-estate economist, said.Florida Atlantic University researchers, like Johnson, are seeing fewer spikes in rates.”Over the last two months, rents have actually gone down. The average rental unit in Miami-Dade through Palm Beach County has gone down by $21. That’s not much, but it stopped going up,” he said.We pulled up the data for Orlando too, and rents are not decreasing here yet.”Over the last year, Orlando rents have gone up 19.25%. That’s a rather big number, putting Orlando in about 11th place nationally in terms of a year-over-year increase. That’s not a race you want to win,” Johnson said.But the rate of rent increase is slowing.”Orlando, like many other parts of the state and many other parts of the country, that increase is slowing,” Johnson said. Amaryllis Rivera is an Orlando realtor, who said, “yes, we’re on our way to normalizing,” but also said “we have a long way to go.” She said that Central Florida may take two years to reach some bench point for normal.”And the average rent in Orlando is $1,820, which is $160 more per month than what it was in January,” Rivera said.Rivera said the market is finally adjusting to less demand.”So, landlords knew that they would get it, but we’re not having as many people move down as they were before,” Rivera said.Johnson is optimistic too, not certain, but optimistic Central Florida will see normalizing rent increases soon.”Odds are, we’ve seen the end of these significant price increases, and we should get back slowly but surely to a more traditional pace and rental increases,” Johnson said.Rivera said prices of homes have decreased from a few months ago, but prices were already high.”So they’re actually having to bring the price down to what it’s supposed to be. So people see that the prices are dropping, and they think oh, the house is the market’s going down. It’s not it’s just that people aren’t overpaying like they were before. So it’s like normalizing a little bit normalizing,” Rivera said.Rivera said many people are nervous about purchasing, but they can visit here to learn about down payment assistance.”A lot of people aren’t buying mostly because they think that one they can’t qualify or they don’t have the money. But now there’s a lot of down payment assistance that’s coming back where it wasn’t there for a while,” Rivera said.

ORLANDO, Fla. —

The rising cost of rent is forcing many to get second and third jobs.

Some people are finding roommates or new apartments due to the spike, but there are some signs of improvement for Central Florida renters.

It’s not a huge drop in rates or slashed costs, but apartment hunting now may go better for some than it did six months ago.

“We are seeing signs that rents are coming down,” Ken H. Johnson, a real-estate economist, said.

Florida Atlantic University researchers, like Johnson, are seeing fewer spikes in rates.

“Over the last two months, rents have actually gone down. The average rental unit in Miami-Dade through Palm Beach County has gone down by $21. That’s not much, but it stopped going up,” he said.

We pulled up the data for Orlando too, and rents are not decreasing here yet.

“Over the last year, Orlando rents have gone up 19.25%. That’s a rather big number, putting Orlando in about 11th place nationally in terms of a year-over-year increase. That’s not a race you want to win,” Johnson said.

But the rate of rent increase is slowing.

“Orlando, like many other parts of the state and many other parts of the country, that increase is slowing,” Johnson said.

Amaryllis Rivera is an Orlando realtor, who said, “yes, we’re on our way to normalizing,” but also said “we have a long way to go.” She said that Central Florida may take two years to reach some bench point for normal.

“And the average rent in Orlando is $1,820, which is $160 more per month than what it was in January,” Rivera said.

Rivera said the market is finally adjusting to less demand.

“So, landlords knew that they would get it, but we’re not having as many people move down as they were before,” Rivera said.

Johnson is optimistic too, not certain, but optimistic Central Florida will see normalizing rent increases soon.

“Odds are, we’ve seen the end of these significant price increases, and we should get back slowly but surely to a more traditional pace and rental increases,” Johnson said.

Rivera said prices of homes have decreased from a few months ago, but prices were already high.

“So they’re actually having to bring the price down to what it’s supposed to be. So people see that the prices are dropping, and they think oh, the house is the market’s going down. It’s not it’s just that people aren’t overpaying like they were before. So it’s like normalizing a little bit normalizing,” Rivera said.

Rivera said many people are nervous about purchasing, but they can visit here to learn about down payment assistance.

“A lot of people aren’t buying mostly because they think that one they can’t qualify or they don’t have the money. But now there’s a lot of down payment assistance that’s coming back where it wasn’t there for a while,” Rivera said.

>>> ad: Don't Miss Today's BEST Amazon Deals!
Originally Appeared Here