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Business Observer Saturday, Aug. 13, 2022 1 month ago

Apartment rent rate increases wildly outpace many other parts of the country

The Naples, Fort Myers and Sarasota-Bradenton regions remain national leaders in multifamily rent increases, as demand continues to soar.

Another week brings another opportunity for towns and cities across the region to lead the way in a national report of super-hot and overheated apartment rental markets. And the region, like it has been doing, came through.

The latest: The west coast of Florida’s four most populous MSAs — Naples-Marco Island, Cape Coral-Fort Myers, North Port-Sarasota-Bradenton and Tampa-St. Petersburg-Clearwater — all make the top 20 of a new report, titled 2022’s Most Expensive Areas to Rent. The report, from tech and data firm Lawn Love, looked at 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 analyzed 185 rental markets for its report.

Florida is one of the fastest-growing states in the nation, thanks in part to the lack of state income tax and lots of sunshine,” the report states. “With an in-demand housing market, it's no wonder 10 out of our top 30 most expensive metros are in the Sunshine State.”

Other highlights from the report include:

  • The top three markets nationally with the biggest one-year change in rent are local.
  • The Naples-Marco Island area saw the most significant change in average overall rent price: an increase of nearly 28% in the past year. 
  • One data point that actually skips the region, but sticks to Florida overall, is highest share of cost-burdened renters. In that category, Miami-Fort Lauderdale-Pompano Beach is No. 1, followed by Gainesville. Port St. Lucie is tied for No. 5.


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