A company owned by congressional candidate Casey Askar is advertising two-bedroom Naples condos for as much as $10,560 a month, while local studies document a deep shortage of affordable rental housing. The units are marketed as vacation or corporate stays, not necessarily year-round rentals, highlighting the tension between seasonal demand and the need for homes local workers can afford.
Key takeaways
- APNI 3, a company Askar owns, bought eight downtown Naples condos in 2018.
- Online listings showed monthly rates of $8,700 to $10,560 as of Oct. 9, with seasonal pricing adjustments possible.
- Local research has identified thousands of rental homes missing for lower-income households.
- Askar’s campaign did not respond to a question about the advertised rates.
Condo listings target seasonal renters
County property records show APNI 3 paid between $300,000 and $316,000 for each of the eight units. Their current appraised values range from $400,000 to $410,000, according to the records. The two-bedroom, one-bathroom condos are promoted as vacation apartments near downtown, beaches and local attractions, with listings describing accommodations for as many as six guests.
The advertised rents are not presented as standard long-term leases. The listings describe the properties as vacation or corporate rentals and note that rates change with the season, potentially rising during peak periods. For comparison, the Naples Area Board of Realtors put the year-to-date median sale price for condos at about $440,000; in August 2018, it was about $218,000.
High rates contrast with local affordability needs
The U.S. Department of Housing and Urban Development estimates the median monthly cost of a two-bedroom apartment in the Naples–Marco Island metropolitan area at $1,986. The highest listed rate for an APNI 3 unit is more than five times that benchmark, although the figures compare seasonal listings with a broader housing-cost measure.
A Collier Community Foundation analysis found a deficit of more than 9,000 rental units for households earning up to 60% of the area’s median income. Separately, a 2022 study presented to the Naples Community Redevelopment Agency reported that some buyers were converting homes into short-term rentals, reducing the supply available to the local workforce. It counted 2,600 transient lodging facilities countywide and 40 in the Naples redevelopment area.
Candidate’s holdings draw scrutiny
Askar won the Republican nomination for Florida’s 22nd Congressional District in August and was set to face Pia Dandiya in a closely watched contest. The race was later rated a toss-up by Sabato’s Crystal Ball, according to the report. Askar’s campaign has emphasized his private-sector record.
In financial disclosures, Askar valued APNI 3 between $5 million and $25 million and reported capital-gains income associated with it. The company is among roughly 75 financial assets identified in his disclosures. A 2020 estimate by Quiver Quantitative, based on earlier disclosures, placed his net worth at about $176 million. His campaign did not answer a question about the rental prices.