Attempting to put a number on the cost of renting is akin to establishing the length of a piece of string. However, there are generalized conclusions available from poking around the MLS, speaking with agents who specialize in the rental market, and becoming familiar with the numerous large apartment complexes coming out of the ground and opening for business.
Some of the latter are offering large (up to 2,000 square feet,) well-equipped units at about $1.35 per foot per month for a full year lease. (Longer leases are not legal in Florida.) The supply of brand new units, plus the attractive rates offered to get the occupancy rate up quickly, will likely put downward pressure on existing rentals of all types, private and commercial alike. I would expect to find a dollar a foot or even less for some newly-vacated properties.
At the luxury level, meaning a free-standing home in a prestigious community with amenities, I’d be thinking four to five dollars per foot per month. An acquaintance, Josh Reef at Hurzitz-James Company in Beverly Hills, has a nice 5/5½ home at 2277 Worthing Lane in Los Angeles offering 7797 square feet of comfort for rent at $39,500 a month. The math works out to very close to $5 per foot per month.
You can easily pay that and more in Naples — in season, when short term rates are triple or quadruple the year-round cost.
Now, to put that all in perspective: time commitment versus cost, let’s take a typical 350 square foot room in a mid-priced hotel. Most people would be happy to find a room here in season for $175 per night. Extended to a month, that’s $15 per foot. Go to a luxury hotel, and the cost may very well exceed $50 per foot per month.
So, with all that — that buck-thirty five rate at a new apartment complex begins to really look like a bargain. Need more info on rentals? Drop me a note below.