Renters competing for each housing unit in "unaffordable" Port St. Lucie rental market
The city's rental market is the sixth-most competitive in Florida, RentCafe found, despite the rental market last year experiencing the largest percent increase in new apartments in the U.S.
The high competition in the Port St. Lucie rental market stems from a variety of factors, RentCafe determined:
Apartments don't stay long on the market
High occupancy rate
A high share of residents renew their leases
Multiple renters apply for the same vacant unit
A relatively low supply of new apartments
Last year, there were 12 renters, on average, competing for each unit, according to RentCafe.
The city's immense growth has done little to make housing more affordable, with housing developments typically consisting of single-family homes and luxury apartments.
The city has "very little naturally occurring affordable units, if any," according to the 2024 Housing Needs Assessment — a collaborative countywide report funded by St. Lucie County, Port St. Lucie and Fort Pierce.
There are 37,401 renter households in St. Lucie County, according to the 2024 Annual Report from University of Florida's Shimberg Center for Housing Studies.
But there are only 1,384 total low-income housing units among seven affordable-housing complexes, according to HudHousingNetwork, an affordable-housing-search website.
Affordable housing: Huge growth in Port St. Lucie has failed to make housing more affordable
New restaurants: 13 restaurants in the Heart of Tradition in Port St. Lucie
The median rent in 2024 for all housing units in Port St. Lucie was $2,575, which was 29% greater than the national average, according to a report by St. Lucie County.
Housing costs in St. Lucie County are are among the highest in Florida, the report said. "This has forced large segments of middle class and working class families to either live here un-affordably or live in other counties."
Jack Randall is TCPalm's economy and real estate reporter. You can reach him at jack.randall@tcpalm.com or 904-466-4755.
This article originally appeared on Treasure Coast Newspapers: Florida real estate: Port St. Lucie affordable housing in short supply
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