New report ranks Sarasota-Bradenton as one of the most expensive areas for renters


Another report has pegged the Sarasota-Bradenton area as one of the most expensive for renters in the country.

A report from Lawn Love, a nationwide lawn service network, ranked the Sarasota-Bradenton area as the 17th-most expensive metro area for renters — the sixth-highest in Florida. The report compared 196 major metros based on their average rents, year-over-year changes and percentages of cost-burdened renters.

The ranking comes after U.S. News & World Report named Sarasota the 11th-best place to live in the country — and as Sarasota continues to tackle its affordable housing crisis amid rising rents. Zillow pins the median rent in Sarasota for all property types at $2,871 with an area median income of $64,000 annually.

Miami-Fort Lauderdale-Pompano Beach (1), Tampa- St. Petersburg-Clearwater (8), Orlando-Kissimmee-Sanford (10), Naples-Marco Island (13) and Tallahassee (16). Gainesville (18) and Deltona-Daytona Beach-Ormond Beach (19) also cracked the list’s top 20. The study did not explicitly list the numbers it calculated for Sarasota’s average rent prices, percentage of cost-burdened renters and other determining factors in its ranking.

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Lawn Love’s study scored the areas in each category out of 100, then averaged the total of those scores to assign the areas an index that determined their rankings. Sarasota totaled the 23rd-highest rent prices and rent affordability relative to renters’ average income, and its cost inflators like the state foreclosure rate and average renters insurance premium were the 17th-highest on the list.

Experts cited in the study — professors of real estate, urban planning, public policy and business across the country — all noted that municipalities can work to ease the widespread housing shortage by relaxing land use restrictions and incentivizing development through tax breaks, density bonuses or other benefits.

The city of Sarasota was recently recognized by the Florida League of Cities for its density bonus program, which aims to encourage affordable housing development by affording developers extra height and units in certain zoning districts.

Contact Herald-Tribune Growth and Development Reporter Heather Bushman at hbushman@gannett.com. Follow her on Twitter @hmb_1013.

This article originally appeared on Sarasota Herald-Tribune: Report lists Sarasota-Bradenton among most expensive areas for renters

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