Census: More renters than buyers

Census: More renters than buyers

Phillippi Shores Apartments - - Contact Sean Dreznin at NAI Tampa Bay for more information.  DO NOT DISTURB MGMT OR TENANTS

Phillippi Shores Apartments – – Contact Sean Dreznin at NAI Tampa Bay for more information. DO NOT DISTURB MGMT OR TENANTS

By Zac Anderson
Via Herald Tribune

North Port’s adult population has become less educated overall. Home ownership is down in Sarasota. More Hispanics are moving to Bradenton. Venice has been remarkably recession proof.

New Census data released Thursday shows Southwest Florida’s cities have changed in ways big and small since the onset of the Great Recession.

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Some of the trends are obvious: Poverty spiked in most local cities in recent years. But other changes are more subtle, revealing little-noticed undercurrents in the region’s demographics and economy.

The Census survey of communities with more than 20,000 residents includes new population, housing and economic data for Sarasota, North Port, Venice and Bradenton. Because of the smaller population sizes, the Census combines three years of survey data to arrive at the figures.

The latest release covers the years 2010 through 2012 as the economy hit bottom and began to climb back. Each local city experienced significant changes when compared with the previous three years, which spanned the onset of the recession in 2007 through 2009.

Here are some trends Census experts consider statistically significant in each city.

For Rent

Sarasota’s rate of home ownership historically has been among the lowest in the county, thanks to a large stable of rental properties and greater concentrations of young people who have yet to settle down.

While more than 70 percent of homes in North Port and Venice are owner occupied — rates that have not changed since the downturn — that figure was just 61 percent in Sarasota at the start of the recession.

The last three years have driven even more Sarasota residents into the rental market. Now, 54.5 percent of city’s housing units are occupied by their owner.

Landlord Harvey Vengroff said the occupancy rate for his 1,400 rental units went from a low of around 70 percent during the recession to more than 95 percent this year.

Apartments For Sale -- Contact Sean Dreznin for more information.

Apartments For Sale — Contact Sean Dreznin for more information.

“I see the demand as being strong and getting stronger” for rentals, Vengroff said.

Median rental rates in the city had been dropping — from $1,010 in the early years of the downturn to $890 in the latest Census release — but Vengroff sees that trend reversing. He recently raised rates at two buildings, one near Sarasota Memorial Hospital and another on Central Avenue.

“If you’ve got people waiting, the next guy pays more,” he said.

“I think there’s still a big need, or a fair amount of need, for affordable housing,” he said.

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1 Comment

Filed under Commericial Real Estate Articles & News, Investment Real Estate

One response to “Census: More renters than buyers

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