Canalakes, a neighborhood in Greenacres, Florida, has experienced significant changes in its housing market over the past decade. The community has seen a notable decline in homeownership rates, dropping from 88% in 2013 to 62% in 2022. This trend coincides with a substantial increase in average home prices, which rose from $57,905 in 2010 to $238,366 in 2022, representing a remarkable 311% growth over 12 years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have priced some potential buyers out of the market, leading to an increase in renters.

Federal interest rates have played a significant role in shaping homeownership trends in Canalakes. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, which typically encourages homeownership. However, the neighborhood experienced a decline in owner-occupied units during this time, from 88% in 2013 to 72% in 2015. This counterintuitive trend might be attributed to other local factors such as changing demographics or economic conditions specific to the area.

The renter population in Canalakes has grown considerably, from 12% in 2013 to 38% in 2022. This increase in renters has been accompanied by a rise in average rent prices, which increased from $1,205 in 2013 to $1,270 in 2022, a 5.4% increase. The population fluctuated during this period, reaching 1,946 residents in 2022, which may have contributed to the demand for rental properties and subsequent rent increases.