Apartment Concession Usage Surges in Small Florida Market
Throughout the pandemic recovery period, apartment concession utilization in the small Florida beach market of Port St. Lucie/Sebastian/Vero Beach ran pretty low, usually hovering well below the U.S. norm. In mid-2022, however, the percent of units offering concessions began to tick up and now stands at one of the highest rates in the nation, among the country’s 150 largest apartment markets. As of August, one in five apartment units (19%) in Port St. Lucie offered a concession on rent, compared to just 9% across the nation, according to RealPage Market Analytics. Rents in Port St. Lucie have also increased above the national norm since the pandemic. In February 2020, rents in Port St. Lucie ran more than $200 below the national norm of $1,427. As of August 2023, however, rents are approximately equal, with Port St. Lucie ($1,811) rents within a few bucks of the national norm ($1,824).