Renting in Bradenton isn’t as costly as elsewhere, says one expert

For living in an area where a lot of people vacation, the cost of rent in Bradenton isn’t as bad as other areas in the state, according to a report released by apartmentlisting.com.

However, costs can be subjective to the individual and the overall family income.

While Manatee County is enjoying a low unemployment rate (it was 3.2 percent in October), the poverty rate continues to hang around 18 percent, according to the U.S. Census Bureau. With a median household income of a little more than $40,000, and the median rent for a one-bedroom apartment at $932, many households around the median income would be considered rent burdened.

Rent burdened is if 33 percent of your income is paid to rent. According to affordablehousingonline.com, almost 47 percent of Bradenton’s population are renters and the average rental household is 2.62 people.

Of the 47 percent, 55.52 percent are considered to be overburdened renters.

That said, the good news: Rental prices that skyrocketed as the economy began to recover from the Great Recession a couple of years ago appear to be flattening out and are doing better than the national and state averages. Housing economist for Apartment List Chris Salviati said while Bradenton is doing better than other areas for one-bedroom prices, rent is continuing to increase by 1 percent a year.

Bradenton’s median two-bedroom rent of $1,160 is equal to the national average, but well below the most expensive rent in Pembroke Pines, which averages $2,370 for a two-bedroom apartment. Bradenton’s 1 percent per year rent increase also is significantly better than St. Petersburg, which is averaging a 5.9 percent increase per year and Orlando, which is seeing a 6.6 percent annual increase.

Nationally, two-bedroom rent prices are increasing annually at a 2.7 percent rate. Salviati states, “Renters will find more reasonable prices in Bradenton than most large cities.”

And Bradenton has other perks that many other areas don’t offer, Salviati said.

“Unlike property managers in many cities, who require non-refundable security deposits equal to the first month’s rent, most landlords in Bradenton require a modest ($300-$400 in many cases), refundable up-front payment only,” he writes in the report.

Salviati also pointed out that Bradenton continues to be a “renter’s market” with about 14 percent of all housing units being unoccupied, meaning if you are looking for an apartment and can afford it, you can find one. Ultimately, Bradenton can be expensive for some, but overall it’s cheaper than other areas. Salviati said that’s not a bad deal considering, “You are paying for paradise.”

Economic Development Director Carl Callahan said the city’s focus has been on affordable, senior and workforce housing for many years.

“We’ve been very supportive to make those happen,” Callahan said. “Even before Bradenton Village and more recently with the effort to redevelop the Love Apartments and helping with Grand Palms, the senior housing on 14th Street. Where I see we need to address is the workforce housing shortage, which is different than affordable housing. That’s the millennials and those out of college who are probably making too much to qualify for affordable housing.”

Callahan said the city doesn’t have a lot of influence in market rate housing when it comes to private development.

“We don’t incentive a lot of that,” he said. “We are glad when they come in and the market rate housing takes care of itself. But there is always room for improvement for those who need a little more help.”

This story was originally published December 1, 2017 at 12:14 PM with the headline "Renting in Bradenton isn’t as costly as elsewhere, says one expert."