TAMPA, Fla. — Over the years the Lakewood Ranch area in Manatee County has been one of the fastest-growing communities in the Tampa Bay area.

With such a high demand for apartments, many say it can be hard to find an affordable unit.

What You Need To Know

  • According to a professor at University of South Florida, within the last two years rent prices in Lakewood Ranch have increased 35%

  • One Lakewood Ranch renter says his rent has increased 13% since last year

  • Experts say Lakewood Ranch is one of the most price-competitive places to live right now in the Tampa Bay Area

  • Within the past two months, data show that more than half of home purchases were done in cash

Lei Wedge, a professor at the University of South Florida with a specialty in real estate, says within the last two years, rent prices in Lakewood Ranch have increased by 35%.

“The apartment complexes try to take advantage of the rise in the rental market, the overall increase in the rent, so they see the single-family homes of rent went up significantly and the apartments also raised their rent accordingly,” Wedge said.

Mike Beans says he has seen that cost increases firsthand.

“And it’s got a nice view outside, which is important,” he said of his Lakewood Ranch apartment.

Beans said he loves the location — it’s near a lot of restaurants and shops, and is close to the university town center.

“This is a nice little balcony," he said. "The sun comes up every morning here from the east in this particular location, and it’s the balcony that looks over the hospital here and Main Street Lakewood ranch.”

While his view is a real bonus, Beans said his rental situation is not — the cost of his apartment has increased by 13% since he moved in during December of 2021.

At that time, he was paying $1,982, but now pays $2,241 just as the base rent, not including other fees like his electric bill.

“I’ve been looking at houses to potentially buy,” he said.

He said it’s a better longterm solution to avoid increasing the costs of rent, so he’s looking into purchasing a home.

“What the mortgage would be, what the monthly payments would be, what all the regular payments of water the heat,” he said.

He’s been looking for a house for the past couple of months, hoping to find something in his price range. One of the houses he’s on his way to look at is just a couple of minutes down the road.

He said the house is listed for more than $400,000.

“Here it is, right here," he said. "The 'For Sale' sign."

Even though this house may not be his forever home, Beans said he's going to continue searching and crunching the numbers until he finds a perfect fit.