Supply Scheduled to Drop Off in North Port-Sarasota-Bradenton
After a few years of elevated construction activity, the North Port-Sarasota-Bradenton apartment market is scheduled to see new supply fall off in the coming year. Roughly 1,100 units are currently under construction and slated for delivery in 2022. This is only about one-third of the volume of apartments completed in this area in 2021. What’s interesting about the big volume of deliveries seen in 2021 was the market’s ability to absorb them. This small market on Florida’s Gulf Coast saw performance metrics surge in 2021 as apartment demand increased. Occupancy climbed swiftly, reaching a peak of 98% by the end of the year. This was a 16-year high for the market and came in ahead of the also-elevated national average. In the coming year, as new supply volumes taper off, occupancy is also expected to come down, but will remain elevated compared to North Port-Sarasota-Bradenton historical norms.