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Apartment costs surge across the board

The Gulf Coast's major cities are seeing unprecedented spikes in apartment rental costs.


  • By Brian Hartz
  • | 2:00 p.m. April 13, 2022
  • | 2 Free Articles Remaining!
Mohd Azrin/Unsplash.com. Rents have increased at an alarming rate up and down the Gulf Coast.
Mohd Azrin/Unsplash.com. Rents have increased at an alarming rate up and down the Gulf Coast.
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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.

 

 

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