Southwest Florida rental rates are at an all-time high.
According to rental portal Dwellsy, families in Southwest Florida are experiencing such exorbitant rental prices that in September, Naples’ rates were tied with those of San Francisco.
The good news, according to Dwellsy CEO and cofounder Jonas Bordo, is that rental costs seem to be somewhat declining between August and September.
He clarified that, since August, the rent for three-bedroom single-family homes has decreased by 0.3%, or roughly $5.
“Five dollars might not seem like much, but a dip is significant since we’d normally expect to see prices rising to their seasonal peak at this time of year,” he continues.
On the other hand, nationwide median rent prices have increased dramatically, according to a recent article by Joshua Cole of NBC2.
The website states that the median cost to rent a three-bedroom house in Naples in August was $4,063.
Prices as of September are $3700, which is $5.7% higher than this time in 2022—roughly $200.
Like any other renter in Naples, businesswoman Lisa Reed must consider this cost. Due to the improved amenities in Tampa, she intends to relocate.
“Naples is paradise. It’s amazing,” she said. “In my opinion, purchasing a home four years ago was preferable to doing it today. The rent continues to rise. So it’s a little difficult.”
She intends to travel back and forth between Naples and Tampa throughout the month while she grows her business.
Tenant Tammy Bergman told NBC2, “You know, when everybody I know has at least two jobs, some people have three jobs to live here.” She and her family rent a three-bedroom house in Naples, and she questions whether her $2,200 is lucky.
Only Los Angeles and San Jose, California, have higher median rental prices than Naples, according to the most recent statistics from Dwellsy. The median rental price in the small Florida city was tied with that of San Francisco.
In terms of costs, North Port and Sarasota ranked 21st in the nation. With typical rental costs of $2250, Fort Myers and Cape Coral rank 36th, although they are still higher than Tampa’s and continue to rise annually.
We depend on the service sector to keep our tourist going, therefore I’m a little concerned about it. However, those who work in this field cannot afford to live here. So where do they go?” Bergman said.
According to Bordo, “You know, our client, the renters that we’re serving are middle income renters.” And occasionally you notice that the rent has increased by 20, 30, or 40 coffees from one month to the next, and you feel as though someone needs to take a closer look at their entire spending plan.”
While new apartment buildings and condos are popping up everywhere, according to Bordo, single-family houses continue to be the most popular type of rental property—85% of them.
“The properties with the most character and the best locations are the ones that stand out. Large communities and towers are wonderful in many cases, but they aren’t for everyone,” he added.
“There are condos and apartments being built all around us, and even without any amenities like pools or exercise centers, the monthly rent for a one-bedroom unit still stands at $2,000. Can I say that they are avaricious? “I’m not sure,” Bergman remarked.
Bordo presented data indicating a general decline in studio unit rental expenses.
The original article can be found on NBC2.