News this week that incoming interim New College of Florida President Richard Corcoran’s $84,000 annual housing allowance may be inadequate for the expected opulent lodgings of a college president raised eyebrows and highlighted the high prices of the Sarasota-Manatee area housing market, which has skyrocketed as of late according to reports.
Corcoran’s annual housing allowance – which comes to $7,000 per month – may nonetheless necessitate scaling back luxury expectations when it comes to leasing or buying a home in the Sarasota-Manatee area due to its current competitiveness.
For example, a 1,832 square-foot home on Hampton Road in Sarasota with three bedrooms, two baths and a pool that was originally constructed in 1978 is currently asking $7,000 per month in rent; another listing asks over $5,000 a month for a 900 square-foot home with one bedroom and one bath.
Real estate experts say that the elevated homes this time of year are due to the influx of “snowbirds,” northerners who move to a warmer southern state – often Florida – to escape the cold of the winter months. Pickings until at least April are expected to be slim, and what offerings there are on the market can be expected to be pricey.
In 2022 the high-end, $3,500-and-up market in Sarasota saw new rentals getting snapped up as soon as they hit the market – mostly still driven by increased migration to Florida during COVID-19 – but currently things have declined slightly and are now closer to levels seen prior to the pandemic.
But experts say that while luxury rentals have abated slightly, any property renting for $3,000 and under is still getting snatched up “almost immediately,” with the market being described as “still very much in a frenzy.”
Another factor driving the competitive rental market in Florida – and Sarasota in particular – is Hurricane Ian, which forced homeowners who are still having their homes repaired to seek rental units to tide them over, effectively thinning the market’s inventory even further.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.