MARTIN COUNTY, Fla. — Renters in Martin County say keeping up with the cost of living is a challenge, while a local real estate agent said that the market is neither rising nor falling — for now.
Renters on the Treasure Coast told WPTV reporter Tyler Hatfield on Friday that the cost of living is putting a strain on their finances, even as a local real estate expert says the rental market has leveled off.
Jesse Espinosa, a renter in Martin County, said the price of rent is taking a toll.
"I mean, living on your own, you got rent, food. You have pets, I mean, it's almost impossible," Espinosa said.
Mike Edel of Martin County said his rent has gone up significantly since he first moved to the area.
"It's three times more expensive than it was when I first moved down here," Edel said.
Still, Edel said the Treasure Coast offers some relief compared to South Florida.
"If you're comparing it to Palm Beach or Miami, it's a discount," Edel said.
That relative affordability is part of what drew Hunter Wharton to Martin County after growing up in Palm Beach Gardens.
"Affordability and rent prices are a little bit cheaper," Wharton said.
Edel, however, said the difference is not dramatic.
"It might be a little bit cheaper in the Treasure Coast, but we're only talking a couple hundred bucks," Edel said.
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Kelley Decowski, a real estate agent in Martin County, said the rental market is currently flat.
"We're not seeing rental rates skyrocketing, but they're not really coming down either," Decowski said.
Martin County is seeing the highest average rental rates on the Treasure Coast, ranging from $2,300 to $2,500 a month across all unit types. Decowski said those averages reflect a wide range of properties, from luxury and waterfront listings and private homes to apartment complexes.
Indian River County has the lowest average rents in the region, ranging from $1,650 to $2,200 a month. St. Lucie County averages between $2,100 to $2,300 a month.
Decowski said more rental inventory is coming to the market, which could push prices down — though inflation remains a wildcard.
"We can't necessarily rule out a little bit of price growth with all of the inflationary things that are going on, but I think that we're going to see prices come down because of that inventory hitting the market," Decowski said.
For Mike, the bottom line is simple.
"Everywhere in Florida is expensive, and that's just the bottom line," Mike said.
Despite the costs, Mike said he has accepted the reality of renting in the current market.
"You're sort of paying to play," Mike said.
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