Study shows Sarasota rents slide for second straight month

Apartment rents in Sarasota declined 3% in May, according to the most recent monthly report by ApartmentList.com. Still, the city’s median two-bedroom rent of $1,840 is well above the national average of $1,320, which is lower than the median rent for a one-bedroom apartment in Sarasota at $1,395.

Despite the month-over-month decrease, apartment rents in Sarasota are up sharply, 32.5%, compared to the May 2021, far outpacing the 15.3% national average increase. Many cities nationwide also saw increases, including New York City (29.5%), Phoenix (20.5%) and Dallas (17.4%).

Sarasota’s ballooning year-over-year rent increases are not isolated in Florida.

The state as a whole showed rent growth of 25.7% over the past year. Of the state’s 10 largest cities for which the study has collected data, Pembroke Pines is the most expensive with a median two-bedroom rent of $2,245. Hollywood experienced the fastest growth at 34.6%. Rents in Orlando are up 26.6% over this time last year, and Miami up 26.5%.

May marks the second straight month rents have shown a month-over-month decline in Sarasota, according to ApartmentList.com data. In April, the apartment search website reported a 1.9% drop from March 2022.