CoStar Group, a commercial real estate research firm, performed an analysis of multifamily rental markets nationwide and found that Sarasota is among the most active in the U.S. for development.
Sarasota is ranked among the highest in the nation for its strong job and population growth rate making the area extremely attractive to developers and is now building at a pace nearly four times the national average. In the fourth quarter of 2019, the number of units exceeded 4,000, which is the first time Sarasota has ever experienced more than 3,000 units under construction at one time.
Sarasota’s new multifamily rental unit figure has topped the U.S. average for seven consecutive years. Growing by over 30% since 2013, with the addition of nearly 7,000 units over the past seven years. The total inventory of units under construction in Fort Myers and Sarasota equates to 14.8%, making the cities No. 1 and No. 2 in the U.S.
This is great news for investors and may be the perfect time to start looking for an investment property in Sarasota. Ryntal Property Management has a knowledgeable staff with years of experience to help get the most out of your investment. As well, our licensed real estate agents are here to help get an edge on the market and build your investment portfolio.