Bradenton rental market, Southwest Florida among most competitive in the U.S.
Despite the construction of many new apartments in the Bradenton area, it hasn’t gotten any easier to rent.
“All of Florida is sizzling with demand thanks to the high numbers of remote workers of all ages and ultra-wealthy newcomers (as well as many retirees) looking for tax breaks, sunshine and a more relaxed lifestyle,” RentCafe reports.
Southwest Florida ranks as the third-most competitive rental market in the U.S. and has been consistently receiving new residents looking to retire more comfortably or work remotely in warmer, more laid-back locations, RentCafe said.
The most competitive apartment market in the U.S. is Miami, where 97% of apartments are occupied.
In Miami, “apartments fly off the market within 33 days (10 days faster than the national average), and there are 24 applicants competing for each available unit. That’s almost three times the number of prospective renters per vacant unit at the national level,” RentCafe said.
Things are a little better in Southwest Florida, where there are 13 prospective renters for every vacant apartment. Units stay vacant for an average of only 34 days.
Other Florida rental markets ranking in the top 20 most competitive nationally are No. 4 Broward County, No. 8 Orlando, No. 19 Tampa and No. 20 Palm Beach County.
“Developers in Florida have been busy completing new apartments. However, this is still not enough to keep up with pent-up demand, which is why Florida markets are claiming the first spots on our list. With increasing tourism and business activity, Florida is experiencing a veritable rental boom,” RentCafe said.
Complicating the problem for prospective renters is the high rate of current tenants who renew their leases annually. Miami has a 71.8% renewal rate. In Southwest Florida, the renewal rate is 67%.
Best and worst places to rent
Another report by WalletHub, a personal finance company, listed the best and worst places to rent in the U.S.
Ranking as the least affordable were Miami and Hialeah, which were tied with Detroit, New Haven in Connecticut, and Newark in New Jersey.
Listed as the best place to rent in the U.S. was Overland Park, Kansas, based on 21 measures of rental attractiveness and quality of life. WalletHub’s data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and job availability.
Florida cities on the best place to rent list included
- Tampa at No. 26
- Orlando at No. 40
- Jacksonville at No. 49
- Port St. Lucie at No. 68
- Pembroke Pines at No. 69
- St. Petersburg at No. 73
- Tallahassee at No. 133
- Miami at No. 146
- Fort Lauderdale at No. 151
- Hialeah at No. 173.
No cities from Southwest Florida were included on the best-worst list.
Renting versus buying
The COVID-19 pandemic set off a boom in house prices as the Bradenton area experienced an influx of new residents.
The run-up in housing prices worsened the crisis in workforce and affordable housing, and made it move difficult for renters to become homeowners.
In May, more homes changed hands in the Bradenton area than in any month since June 2021.
Although still firmly a seller’s market due to a shortage of inventory, the median price for existing single-family homes in the Bradenton area fell 6.4% to $515,000, compared to $550,000 in the same month a year ago.
