Renters on the Treasure Coast say the cost of living is putting a strain on their finances. Jesse Espinoza, a renter in Martin County, said the price of rent is taking a toll on his ability to afford basic expenses including food and pet care. A resident identified as Mike said his rent has gone up significantly since he first moved to the area, now three times more expensive than when he arrived.
Kelley Decowski, a real estate agent in Martin County, said the rental market is currently flat. Rental rates are not skyrocketing, but they are not coming down either. Martin County has the highest average rental rates on the Treasure Coast, ranging from $2,300 to $2,500 a month across all unit types.
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. She said prices may come down because of that inventory hitting the market, but price growth cannot be ruled out with inflationary pressures. Mike said everywhere in Florida is expensive, and renters are paying to play in the current market.