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ed: Income would need to be almost $6,000 a month to qualify for rent in this range-
Rent growth comes back down to earth, but remains high
According to national rent data by Apartment List, 2021 national rent levels shattered the record for the fastest growth in its history which dates back to 2017. The median rent nationwide increased by 17.6 percent, from $1,099 in January 2021 to $1,293 in December 2021.
However, Sarasota County far eclipsed those numbers when rents went up by 42.5 percent that same year. While the market remained hot heading into 2022, that extreme growth proved unsustainable. In the last 12 months, overall median rent levels increased by just 4 percent. Manatee County saw similar roller coaster numbers, with rents actually dipping modestly by just more than 1 percent in the last 12 months as compared to 2021, which saw a staggering 41 percent increase in overall median rent prices.
To put that in numbers, in 2021, overall median rents in Sarasota County went from $1,373 per month to $1,946 per month. Meanwhile, in Manatee County, 2021 overall median rent levels went from $1,290 to $1,820.
And at the start of 2022, Sarasota County saw its highest overall rent rate ever, breaking the $2,000 mark for an overall median rent of $2,033 in February. To put that into context, those levels in 2022 surpassed Miami-Dade County in January, February, March, and April—a significant comparison, since Miami-Dade is historically the most expensive county in the state.
Once summer hit, a slight dip in numbers pointed to a possible cooling trend—after all, it was the first time the steady incline had stopped in roughly two years. Now, the overall median rent for a one-bedroom apartment in Sarasota County is $1,584 and a two-bedroom is $1,948. Manatee County’s rent for a one-bedroom apartment is $1,467 and a two-bedroom apartment is $1,713.
Still, compared to other metro areas, local rents remain high. The national overall median rent now stands at $1,356–almost 48 percent lower than Sarasota County’s currently is, and 34 percent lower than Manatee County.
Interest rates and inbound moves are driving rent demand
“All activity in the housing market is down,” says Rob Warnock, senior research associate at Apartment List. “People aren’t putting their money toward moving or buying homes. This year, mortgage rates [now hovering at 6 percent, the highest they’ve been since 2008] and inflation are major concerns, and a lot of the significant and expensive life events, like moving and starting a family, are taking place less frequently.”
Plus, young adults are happy living alone longer and aren’t rushing into homeownership. In fact, single-family home sales in Florida fell in November, dropping 38.2 percent over the same time period in 2021. Condominium and townhouse sales saw similar numbers, according to data released by Florida Realtors.
https://www.sarasotamagazine.com/home-and-real-estate/2023/01/sarasota-manatee-rents-2022
