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How much do apartments cost in the Sarasota-Bradenton area?

How much do apartments cost in the Sarasota-Bradenton area?
How much do apartments cost in the Sarasota-Bradenton area?

Death, taxes and some of the highest rents in the country.

The Sarasota-Bradenton area has become known for its rising cost of living in recent years, due in part to the increasing number of new residents flocking to Florida’s beaches. If you’re considering a move to the Sunshine State, be aware that the high costs could cast a dark shadow over your dreams.

Using data from websites such as Zillow, Apartments.com, RentCafe and others, The Herald-Tribune determined expected rents in the Sarasota-Bradenton area.

What are the average rents for apartments in the Sarasota-Bradenton area?

Average rents are skewed by luxury properties at the higher end of the price spectrum, but most websites report an average rent of about $2,100 for a Sarasota apartment. Average apartment sizes vary depending on the source. RentCafe calculates an average of 961 square feet and Apartments.com reports an average of 752 square feet.

Bradenton is a bit cheaper, with the average apartment rent around $1,900, according to aggregate data. But the reduced price doesn’t mean there’s less space. Apartments average 985 square feet, according to RentCafe, compared to 777 square feet on Apartments.com.

Zillow’s median rents are $2,158 in Sarasota and $1,921 in Bradenton, 41% and 26% higher, respectively, than the national average of $1,528 monthly apartment rent. Both areas also consistently rank among the most expensive in the region in listings from Rent.com, Zumper.com and others.

Rents for apartments in North Port and Venice are within the typical range for the area, with North Port being on the low end at around $1,600 and Venice seeing an average rent of around $2,100. These prices allow renters to have an average apartment size between 701 and 933 square feet in Venice and between 798 and 950 square feet in North Port.

How much do one and two bedroom apartments cost in Sarasota, Bradenton?

Most apartment rental agencies estimate the average rent for a one-bedroom apartment in Sarasota to be between $1,700 and $2,100. A report from Apartments.com puts the average rent at $1,800 per month, while Zumper.com calculates an average of $2,000 and Rent.com reports an average of $2,200.

If you scroll down on Aparments.com, you’ll find rents as low as $3,400 at downtown properties like The DeSota on Second Street and The District at Rosemary on Lemon Avenue, with only a few options costing less than $1,600.

Rents for one-bedroom apartments in Bradenton typically range from $1,600 to $1,800. Apartments.com and Zumper.com offer an average of $1,600, and Rent.com charges even more than $1,800. Some are as low as $1,300, according to Apartments.com, but in Lakewood Ranch and closer to Bradenton Beach, rents can be as high as $2,400 per month.

In Venice, the average rent for a one-bedroom apartment is about $1,600 per month – although Zumper.com reports an average price of $2,274. In North Port, the average rent for a one-bedroom apartment is also $1,600 per month.

Rents for two-bedroom apartments in Sarasota tend to range from $2,200 to $2,600, with some as low as $1,800 and others as high as $3,500. Bradenton has a slightly lower average, with most websites reporting numbers between $1,800 and $2,000.

Rents for two-bedroom apartments in Venice range from $2,000 to $2,200. In North Port, prices are slightly lower, averaging $1,800 to $2,100.

Why are rents in Sarasota so high?

Although there are signs of rents declining, Florida rents are still among the highest in the country. Sarasota, along with metropolitan areas like Miami, Tampa and Orlando, are among the most expensive areas for renters in the country, and national data shows that comfortable living in the state doesn’t come cheap.

The Massachusetts Institute of Technology’s Living Wage Calculator reports that Sarasota County residents spend an average of $1,900 a month on housing – an amount calculated using hypothetical combinations of working adults and children in a family. That means the average annual salary needed to live comfortably in the county is nearly $91,000, and single adults without children must earn at least $46,000.

That average compares to the national median of nearly $89,500 and the state median of more than $93,000 needed to live comfortably. That figure comes from the 50/30/20 budget, which dictates that individuals should spend 50 percent of their income on necessities like housing and utilities, 30 percent on discretionary spending and 20 percent on savings and investments.

Experts attribute Florida’s high rents to a post-pandemic influx of new residents that has dramatically changed the state’s supply and demand dynamics. And while it’s true that rent spikes are easing, that doesn’t mean rent reductions will happen anytime soon: They’re just rising at a slower pace.

In the Sarasota area, the local government is trying to combat the crisis with density bonuses and other incentives for developers to create affordable housing. Properties along the Tamiami Trail have been chosen as preferred locations for these housing units, which are designed to house local workers earning 80% or less of the area median income.

Contact Herald-Tribune growth and development reporter Heather Bushman at [email protected]. Follow her on Twitter at @hmb_1013.

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