Over the past year, the increase of rents in the Central Florida Orlando Area exceeded the national average of 17%, hitting as high as 27%, with an estimated average rent of $1929 in October 2022.
Since ConcordRENTS first extended an offer in March of 2022 to renew for a two year period in return for limited and transparent rent increases of 5% starting in June, ConcordRENTS has received an overwhelmingly favorable response from its residents, as evidenced by 445 households choosing this option. This further supports the value market-rate residents in good standing see in choosing to remain long term residents in return for limited rent increases.
While it is becoming increasingly common to hear/see that some landlords are shocking their residents with exorbitant rent increases that are often in excess of $300, ConcordRENTS understands how such a large increase with little notice can threaten to disrupt or even displace households. As such, ConcordRENTS wants to alleviate such concerns of unanticipated, material rent increases by extending an option to its market-rate residents in good standing to “Renew for Two” which offers two year lease renewals with increases limited to 5% per annum. Despite it becoming increasingly more expensive to provide and maintain quality rental housing and as rents across most major markets continue rising unabated, ConcordRENTS is pleased to offer limited rent increases over prolonged lease durations and therefore peace of mind where residents don’t have to live in fear of whether they are going to be displaced from their home.