A new report states 53.6 percent of renters in Bradenton-Sarasota were cost-burdened in 2015, which ranked 81st for affordability among the country’s top 100 metro areas.
According to the report, Tampa, Orlando and Jacksonville also struggle with affordability, while Miami tops the 100 largest metros for the highest share of cost-burdened renters at 63.9 percent. Fort Myers, Lakeland, Daytona Beach and Melbourne also were listed among the top 100.
“Despite the improvements, affordability continues to be a challenge for millions of renters. Even in relatively affordable metros, cost-burden rates are significantly higher than the nationwide average from 15 years ago,” the report states. “If the situation does not improve in Florida and Southern California, renters may continue to migrate to cities on the interior in the coming years.”
Paul Crickard, who left the city of Sarasota in 2007 and now lives in Albuquerque, New Mexico, said he is not surprised by the report’s findings. When Crickard lived in Sarasota, he rented a downtown apartment from a private owner but noticed a trend among his colleagues.
It’s extremely, extremely expensive to rent in Sarasota or Manatee counties. The prices are extremely inflated.
Trish Chandler, Realtor with Michael Saunders & Company
“I think a lot of people I worked with lived in Bradenton and commuted in (to Sarasota),” the 40-year-old said. “I was in my 30s at that point and I wanted to buy a house and it just became out of the question.”
Trish Chandler, a Realtor with Michael Saunders & Company, also backed up the report’s findings.
“It’s extremely, extremely expensive to rent in Sarasota or Manatee counties. The prices are extremely inflated,” Chandler said. “Let’s say the rent is $1,895 a month. You’re going to have to come up with first month’s rent, then you’re going to have to come up with the last month’s rent, and then you’re going to have to come up with the security deposit.
“So you’re in for about $6,000 just to walk into the apartment or house. It’s outrageous.”
Chandler, who has been in the business for 20 years, added that there’s also the application fees and credit checks that add to the up-front cost.
“It’s crazy,” she said. “Look at the money that you have to come up with just to walk through the door.”