SARASOTA, FL-The multifamily sector in Southwest Florida is emerging as one of the top rental apartment markets in the country.
The latest figures released by Axiometrics Inc. shows that in February the region posted the fourth highest occupancy rate at 96.9%; enjoyed the sixth highest price increase at 6.68%; and posted an average rent of 89 cents per square foot, according to the Herald-Tribune.
The Sarasota-Bradenton-Venice apartment market showed the fourth highest rental demand of all metropolitan statistical areas in the nation, according to apartment data provider Axiometrics. The region was bested only by Naples, FL, Nassau County, NY and Edison, NJ in terms of rental occupancy rates.
“Anything I have that's rentable is rented,” says Harvey Vengroff, an operator of workforce housing rentals in greater Sarasota. “People who work at the mall or in a labor job can't afford the rents that are out there. That's the market we're moving into.” See story in the Herald-Tribune.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.