Apartment rents rise 1.5 percent in Sarasota

Apartment rent hikes in four Southwest Florida cities came in under the statewide average last month.

Englewood, North Port, Sarasota and Venice each posted average annual rent increases that were less than Florida’s 2.5 percent, according to a report Friday from online rental marketplace Apartment List. Bradenton and Longboat Key were higher.

Rents in the city of Sarasota rose an average 1.5 percent over the year, the same as the national average, the report said. But the median monthly rent of $1,390 for a two-bedroom Sarasota apartment was $220 higher than the U.S.

Apartments in North Port showed a 0.3 percent decline in average rents from 2017, the only local city that wasn’t higher over the year.

Average rents rose 2.9 percent in Bradenton, 1.5 percent in Englewood, 1.6 percent in Venice and 4.9 percent in Longboat Key.

Monthly rents in the region ranged from $564 for a one-bedroom unit in Englewood to $1,887 for a two-bedroom rental in Longboat.

Pembroke Pines was the most expensive of Florida’s major cities, with a median two-bedroom rent of $2,400.

Among the highest rent hikes recorded were in Port St. Lucie, at 6.2 percent, and Tampa, at 4.6 percent.

Meanwhile, two local areas were listed among Florida tourism spots forecast to see positive growth in vacation rentals this summer.

Sarasota is expected to see a 62 percent gain in vacation rental activity between Memorial Day and Labor Day, while Siesta Key will see 6 percent growth, according to vacation rental web site Tripping.com.

Florida towns that suffered damage from Hurricane Irma last year were projected to see negative growth, including Key West and Marco Island.

Neither Sarasota nor Siesta Key ranked among the top 25 most popular summer destinations. Multiple award-winning Siesta Key beach failed to make the top 10 most popular beaches in the Tripping.com report.

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