It’s become painfully obvious that the cost of housing, whether you choose to rent or buy, is at unprecedented levels up and down the Gulf Coast. Gone are the days when a worker could expect to spend no more than 25%, or even 30%, of his or her annual wages on a place to live.
New research from Rent.com, however, paints an even bleaker picture.
From Naples to Clearwater, double-digit rent increases abound. Take Bradenton, for example. There, the average monthly rent for a one-bedroom apartment is $1,975 — a 51% increase since April 2021. According to the U.S. Census Bureau, Bradenton’s median household income is $48,369. That means someone making that amount can expect to spend a whopping 49% of their earnings on rent.
Meanwhile, Tampa, with a one-bedroom average rent that rose by 22% from April 2021 to this past April, could be considered a bargain by comparison.
Rent.com’s study also broke down rent stats by price range. In Naples, all apartments, regardless of size, rent for more than $2,000 per month. In Bradenton, just 5% of apartments rent for $1,501 to $2,000 per month; everything else costs more than $2,000.
It’s a similar situation in Sarasota, where 94% of the apartment supply rents for more than $2,000 per month; however, 1% of Sarasota apartments rent for $501-$700. No other Gulf Coast city in Rent.com’s study has any dwellings in that price range.