How high are apartment rents in Bradenton-Sarasota area? High enough to make US list
Rents in the Bradenton-Sarasota-North Port area are among the most expensive in the United States, according to a new study.
The area ranks as the eighth most expensive metro in the U.S., according to a study by Lawn Love, which compared 185 rental markets. The median rent price in the United States is now more than $2,000.
Topping the most-expensive list is perennial leader New York City-Newark-Jersey City. Ranking second in the country is Miami-Fort Lauderdale-Pompano Beach. Ranking third is Naples-Marco Island.
Other than Bradenton-Sarasota-North Port and Honolulu, the remainder of the top 10 list are all California cities.
For the study, Lawn Love considered average rent prices, including year-over-year change, renters insurance premiums, and the share of renters spending 30% or more of their income on rent and utilities. Lawn Love operates in over 120 cities and 900 neighborhoods. The lawn-care firm conducted the study as more people are renting and more landlords are hiring landscapers
While rents in Bradenton have risen sharply in recent years, the average price appears to have been skewed by higher prices in Sarasota. The average rent for a 985-square-foot apartment in Bradenton is $1,974, compared to $2,159 in Sarasota, according to RentCafe.com.
The most expensive neighborhoods in Sarasota are Rosemary District ($3,295), St. Armands Key ($3,295) and Tahiti Park ($3,295), RentCafe says.
The most expensive neighborhoods in Bradenton are Cortez ($1,915), Palma Sola ($2,033) and West Bradenton ($2,033), says RentCafe.
In September 2021, New York business research firm AdvisorSmith Solutions Inc., ranked rents in the Bradenton area eighth on the list of least-affordable small American cities. That study took into account the average weighted rent in Bradenton of $1,509 and the median household income of $46,776.
Whether for buyers or renters, the Bradenton-Sarasota area has become of the least affordable in the United States. A 2021 study by the Urban Land Institute ranked the area among the 14th least affordable in the United States.
In June, the median price for existing single-family houses in the Bradenton area remained at a record $550,000 for the second month, an increase of 35.7% from June of 2021.
Earlier this year, Bemetra Simmons, president and CEO of the Tampa Bay Partnership, said the soaring price of housing for buyers and renters has become a crisis in the region.
“If you have a good job and you own your house, your net worth went up,” she said, noting that wages have failed to keep up.
In the Tampa Bay region, many households spend nearly half their income on housing and transportation, leaving little left over for all the other household needs, she said.
This story was originally published August 1, 2022 at 1:44 PM.
