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Rental prices decreased in this area of the Treasure Coast in 2022, one study says

NewsRental prices decreased in this area of the Treasure Coast in 2022, one study says

The Treasure Coast real estate market is softening for renters in some areas, according to one recent study.

The Port St. Lucie Metropolitan Service Area — which encompasses Martin and St. Lucie counties — was ranked second in the nation for the highest annual decrease in median monthly single-family rental home listings from 2021 to 2022, according to HouseCspannspanry, a national brokerage that touts its real estate valuation technology. The study did not include Indian River County.

A previous study, published by Florida Atlantic University in 2022, ranked the area as fifth in the nation for having one of the most overvspanlued rentspanl mspanrkets.

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A sign in front of a home that says house for rent.

Rental prices in the Stuart, Fort Pierce, Port St. Lucie area

The area’s rental rates dropped from $2,800 to $2,650, a 5.4% decrease, the study says. The study also breaks down monthly changes during the first and second halves of the year. The Martin-St. Lucie area ranked fourth for the largest decrease in the second half of 2022, when the median rental cost decreased 11.7%, from $3,000 to $2,650.

Three other Florida areas made the Top 10 list:

  • 3rd: Cape Coral-Fort Myers (5.1% decrease from $4,000 to $3,795)
  • 4th: Palm Bay-Melbourne-Titusville (4.3% decrease from $2,300 to $2,200)
  • 9th: Deltona-Daytona Beach-Ormond Beach (ranked although rent didn’t change from $2,250).

The other U.S. Metropolitan Service Areas that made the Top 10 list (in order) were: Memphis, Tennessee; Phoenix, Arizona; Durham, North Carolina; Denver, Colorado; Atlanta, Georgia; and Little Rock, Arkansas.

The Naples-Marco Island area ranked fourth in the nation for the largest annual increase in 2022. Rental rates increased 24%, from $5,200 to $6,448. It was the only Florida area on that list.

However, these areas ranked in the Top 10 for the largest increases in the second half of the year:

  • Naples-Marco Island: 43.3% from $4,500 to $6,448
  • Punta Gorda: 25% from $2,800 to $3,500
  • Cape Coral-Fort Myers: 12.3% from $3,378 to $3,795
  • North Port-Sarasota-Bradenton: 8.8% from $3,400 to $3,700

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