- August 13, 2022
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.