Economy
Orlando among cities with the largest rent increases over the past decade
Construction cranes aren't the only things going up amid Orlando's boom.
This year, Orlandoans spent $4.6 billion on rent, up 83.9% compared to what the city's renters spent in 2010, according to Zillow. That puts Orlando in the No. 5 spot for the country's biggest rent increases this decade.
Overall, Austin, Raleigh and Denver had the biggest rent increases in the 2010s, while Memphis, New Orleans and Virginia Beach had the smallest. No metros saw rent decrease during the decade, though seven did see rent fall in the past year. View the gallery with this story to see how much rent increased in the 50 largest U.S. metros.
Nationwide, renters spent a combined $4.5 trillion on rent during the 2010s, with $512 billion spent on rent in 2019. While rent is up 2.3% from last year, rent increases slowed in the latter part of the decade, according to Zillow.
"While the total amount of rent paid has increased each year this decade, that trend is by no means immutable," Zillow Group Economist Joshua Clark said in a statement. "With rental appreciation expected to decrease in the coming year and a homeownership rate that has been ticking up over the past few years, a small or even negative change in total rental spending could be in the cards in the early 2020s."
Tags: Orlando