Naples, Florida’s rental market is experiencing a dynamic shift, with apartment listing prices showing a notable decrease of 9% compared to the previous year. Despite this annual decline, the median rent has seen a slight uptick from the previous month, indicating a complex and evolving rental landscape for residents.
Key Takeaways
- Naples apartment rents have decreased by 9% year-over-year.
- The median rent in September was $3,200, a 7% increase from August.
- One-bedroom rents dropped 14% annually but remained stable month-over-month.
- Two-bedroom rents saw a 10% annual decrease and a 6% monthly increase.
- Naples rents significantly exceed both state and national medians.
Current Rental Costs in Naples
In September, the typical apartment listed for rent in Naples was priced at $3,200. This figure represents a 7% increase from August’s median of $3,000. However, when compared to September of the previous year, this price is 9% lower than the median of $3,500. This data, compiled by rental marketplace Zumper, encompasses all apartment sizes, from studios to four-bedroom units, and reflects active listings during the month.
Breakdown by Bedroom Size
Analysis of specific unit types reveals varied trends. One-bedroom apartments listed for rent had a median price of $1,773 in September, a slight increase from $1,769 in August. Despite this monthly stability, one-bedroom rents have fallen by 14% since last year, down from $2,061.
Two-bedroom apartments saw a more significant monthly increase, with a median price of $2,941 in September, up 6% from August’s $2,766. Annually, however, two-bedroom rents have decreased by 10%, down from $3,251.
Naples Rents in State and National Context
Naples’ rental market remains considerably more expensive than the state and national averages. The typical apartment in Naples is priced 39% above the Florida median. Specifically, one-bedroom rentals in Naples are slightly higher than the state median, while two-bedroom rentals are 34% above.
Nationally, the median apartment rent saw a slight decrease to $1,900 in September from $1,925 the previous month. Naples’ typical apartment rent is a substantial 68% above this national median. One-bedroom apartments in Naples are 14% above the national median, and two-bedroom apartments are 62% higher.
Factors Influencing Pricing
While the report does not delve into specific causal factors, the inclusion of new construction in the data suggests that supply may play a role in the market’s fluctuations. The exclusion of occupied or no-longer-available listings ensures the data reflects current asking prices. Out of approximately 1,700 rental listings in Naples, 63 are subsidized, and their exclusion leads to the overall median rent remaining at $3,200.
Data Methodology
The median apartment rental prices are aggregated by Zumper, which collects data from over one million active listings posted by brokers and landlords. This includes listings from Zumper’s Landlord Platform and third-party MLS providers to calculate median asking rents.
Sources
- Naples apartments ​for rent saw price decreases since last September, Naples Daily News.