PORT ST. LUCIE — The city and its surrounding rental market experienced the largest percent increase in new apartments in the U.S. last year, according to a recent analysis by RentCafe, a nationwide apartment-search website.
The number of new apartment units increased by 12.86%, to an estimated 21,127 total units, by the end of 2024, far exceeding the previous year’s 3% increase and the national benchmark of 2.59%. The runner-up, Huntsville, Alabama, saw its rental stock increase by 9.3%, RentCafe reported.
The growth rate in apartment units of the Port St. Lucie area surpassed inventory gains made in other Florida metropolitan areas:
- Orlando, 4.22%
- Miami, 4.12%
- Tampa, 3.36%
- Broward County, 2.45%
The city’s rental market remained highly competitive despite inventory increasing substantially. RentCafe found:
- On average, there were 12 renters competing for each apartment unit.
- Apartments had an average occupancy rate of 95.6%, which was greater than the nationwide average of 93.6%.
- Lease renewals dipped slightly year-over-year to 69.8% but still outperformed the national average of 62.2%.
- On average, apartments stayed on the market for just 38 days, less than the nationwide average of 40.
The Port St. Lucie area’s average rent as of January is $1,792 monthly, according to Apartments.com. This is 15% higher than the nationwide average of $1,552, making Port St. Lucie one of the most expensive cities in the U.S…