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SARASOTA-MANATEE – Rent prices…. actually decrease in the Sarasota-Manatee region.

They’re still higher than a year ago, but the once dizzying increases have abated for now. Rents decreased across the North Port-Sarasota-Manatee metro area in August by 1.3% percent. In the city of Sarasota, rent declined a full 2%, though it’s up nearly 6% since last year.

The Sarasota-Manatee rental market had typically seen rental rates increase between 1% and 5% each year.

Florida’s property insurance and housing market have been in crisis in recent years with more insurance companies leaving the state, and rent has followed suit, spiking nearly 44% since the pandemic began.

In the area, the median unit rented for $1,899 in August, with a one-bedroom median at $1,524, according to the Herald Tribune.

The rest of Florida’s rental markets are not cooling off at the same rate.

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