Strong North Port, Sarasota, and Bradenton Rental Demand
Our position as one of the area’s most active professional property management firms gives us a “front-seat” perspective on the forces and trends driving the Sarasota and Manatee County rental markets. Given our vantage point at the forefront of area real estate activity, we believe that annual single-family housing and condominium unit rentals will remain strong throughout 2020.
Some Facts to Consider
- The Florida population continues to swell
- The spike in home prices since the great recession has priced many would-be buyers out of the market
A Professional Property Manager’s Perspective
While an explosion of new construction throughout the Bradenton–Sarasota–North Port corridor has affected the rental market over the past several years by increasing vacancy periods and mitigating rental rate increases, the rental market remains strong.
On average, the vacancy period for a typical mid-range, single-family home has gone from 2–4 weeks a few years ago, to 4–6 weeks as I write this in November 2019. And whereas several years ago we had seen average rent rate increases of $50-$100 per month at each tenant move-out, current rental rates have stabilized, either remaining the same or decreasing slightly. None of which rings alarm-bells—and in fact, indicates a healthy, responsive market.
Conclusion
Markets prefer stability and affordability to volatility and price uncertainty. Ever-increasing rents are unsustainable and eventually drive renters out of the market—as it is, area rents trend towards the high side, with affordable housing difficult to find. A 4–6 week time on the market is quite normal and acceptable as far as historical averages go. All in all, the Sarasota, Bradenton, Lakewood Ranch, Venice, North Port, Englewood rental markets, and surrounding areas are looking good into calendar year 2020.
About the Author
John Michailidis, JD, is the Broker/Managing-Member of Real Property Management of Sarasota & Manatee, a Sarasota, FL based residential property management company. Real Property Management of Sarasota & Manatee provides both Full-Service and Lease-Only services to Sarasota, Bradenton, Venice, and North Port area landlords. If you own residential investment real estate anywhere in Manatee or Sarasota counties, do feel free to reach out to our team at 941-216-0005, or through our website.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
