Death, taxes and some of the highest rents in the country.
The Sarasota-Bradenton area has become notorious for climbing costs of living in recent years, thanks in part to a spike in new residents flocking to Florida’s beaches. If you’re eyeing a move to the Sunshine State, beware that the price tag may cast a dark cloud over your aspirations.
With data from sites like Zillow, Apartments.com, RentCafe and more, The Herald-Tribune rounded up the rents you can expect in the Sarasota-Bradenton area.
What are average rents for apartments in the Sarasota-Bradenton area?
Rent averages are skewed by luxury properties at the high end of the price spectrum, but most sites suggest an average of around $2,100 in rent for an apartment in Sarasota. Average apartment size varies among sources, with RentCafe calculating an average of 961 square feet and Apartments.com stating a 752-square-foot average.
Bradenton fares a little more affordable, with an average apartment rent of around $1,900 among aggregated data sets. The reduced price tag doesn’t mean a reduction in space, with apartments measuring averages of 985 square feet, per RentCafe, and 777 square feet on Apartments.com.
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Zillow’s median rents of $2,158 in Sarasota and $1,921 in Bradenton are respectfully 41% and 26% higher than its national average of $1,528 in monthly apartment rent. Both areas also consistently rank among the most expensive in the region on listings from Rent.com, Zumper.com and others.
Rents for apartments in North Port and Venice fall within they region’s typical range, with North Port averaging on the lower end at around $1,600 and Venice posting an average rent of around $2,100. Those prices will afford renters an average apartment sizes 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 services posit that the average rent for a one-bedroom apartment in Sarasota is between $1,700 and $2,100. An Apartments.com report lists the average rent at $1,800 a month, while Zumper.com calculates a $2,000 average and Rent.com posts a $2,200 average.
A scroll down Aparments.com’s available one-bedroom apartments yields rents as high as $3,400 in downtown properties like The DeSota on Second Street and The District at Rosemary on Lemon Avenue. Few options are lower than $1,600.
One-bedroom rents in Bradenton typically fall between $1,600 and $1,800, with both Apartments.com and Zumper.com listing an average of $1,600 and Rent.com calculating more than $1,800. Some, according to Apartments.com, are as low as $1,300, but properties in Lakewood Ranch and closer to Bradenton Beach can reach as high as $2,400 in monthly rent.
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In Venice, one-bedroom apartments run at a monthly average of around $1,600 — though Zumper.com reports an average of $2,274. One-bedroom rents in North Port also cost an average of $1,600 per month.
Two-bedroom apartment rents in Sarasota fall mostly between $2,200 and $2,600, with some as low as $1,800 and as high as $3,500. Bradenton posts a slightly lower average, with most sites reporting numbers between $1,800 and $2,000.
Rents for two-bedroom apartments in Venice are within a $2,000 and $2,200 range. North Port is slightly lower with averages between $1,800 and $2,100.
Why are rents in Sarasota so high?
Though rents are showing signs of slowing, Florida still posts some of the highest in the country. Sarasota joins metros like Miami, Tampa and Orlando on listings of the most expensive areas for renters nationwide, and nationwide data concludes that living comfortably in the state isn’t cheap.
The Massachusetts Institute of Technology’s Living Wage Calculator reports Sarasota County residents will spend a monthly average of $1,900 in housing — a number found among hypothetical combinations of working adults and children in a family. That means the average annual salary needed to live comfortably in the county is almost $91,000, and single adult with no children must make at least $46,000.
That average compares to a national median of almost $89,500 and a state median of more than $93,000 needed to live comfortably. It’s a figured pulled from the 50/30/20 budget, which dictates that individuals should allocate 50% of their income to necessities like housing and utilities, 30% to discretionary spending and 20% to savings and investments.
Experts pin Florida’s high rents on a post-pandemic influx of new residents, which dramatically shifted the state’s supply and demand dynamic. And while it’s true rent spikes are slowing, it doesn’t mean rent reductions are coming anytime soon: They’re just rising at a lower rate.
In the Sarasota area, local government has tried to combat the crisis with density bonuses and other developer incentives to bolster affordable housing. Parcels up and down Tamiami Trail have been targeted as prime spots for these units, which aim to house local workers than make 80% of the area median income or less.
Contact Herald-Tribune Growth and Development Reporter Heather Bushman at hbushman@gannet.com. Follow her on Twitter @hmb_1013.
This article originally appeared on Sarasota Herald-Tribune: How much do apartments cost in the Sarasota-Bradenton area?
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