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Business Observer Saturday, Jun. 11, 2022 2 months ago

Average rent in Naples is 25% higher than national average, nears Miami levels

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The Naples-Marco Island market, by one tally, is the most expensive place to rent an apartment on the west coast of Florida.
by: Mark Gordon Managing Editor

At least it’s not Miami. Or Fort Lauderdale.

The could be the rallying cry, or marketing slogan, for Naples-Marco Island when it comes to the cost of renting an apartment. The region’s median monthly rent price is $1,374, according to new data from the U.S. Census Bureau's American Community Survey, analyzed by the Center Square news site. That’s 25.4% higher than the national monthly average gross rent price of $1,096. In Florida only the Miami-Fort Lauderdale-Pompano Beach region has a higher average rent, the report found, at $1,408 a month.

Apartment rents, of course, are up significantly nationwide, due mostly to high inflation and declining inventory. According to real estate research firm CoStar Group, to cite one example, rents in the U.S. rose 11.3% last year. In contrast, over the previous five years, gross rents increased by 18.1%.

The Naples-Marco Island area ranked No. 25 nationally on a list of the highest median monthly rates, based on the American Community Survey data. The top of the list is California heavy, with 11 of the first 15 regions, including No. 1, San Jose-Sunnyvale-Santa Clara, and No. 2, San Francisco-Oakland-Berekley.   

Two other metro areas on the west coast of Florida joined Naples-Marco Island on the expanded top 50 list. North Port-Sarasota-Bradenton ranked No. 42, at $1,259 a month, and Cape Coral-Fort Myers, at $1,225 a month, was No. 46.

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