Affordable housing in Sarasota is dwindling as rental prices rise.

On July 15, the Florida Housing Coalition unveiled its Sarasota Housing Action Plan, highlighting troubling trends in the local housing market.

Data from the plan reveals that Sarasota now ranks sixth in median rent in Florida, with rent prices soaring nearly $1,000 since 2020. Approximately 47,000 households spend over 30% of their income on housing, with 25,000 facing even greater burden, dedicating more than 50% of their income.

This crisis impacts a wide range of community members, including teachers, nurses, hospitality workers, and law enforcement personnel.

The population of Sarasota has grown by 3.2% since last year—a figure that is double the state’s average—bringing the total close to 480,000 residents. Despite a median household income of around $77,213, the report notes that 1 in 3 residents earn less than $50,000.

New residents, who bring an average income of $111,000, drive up local prices, while those leaving the area average $89,000.

Rental vacancies have plummeted from 14% to 6% since 2019, with average monthly rents reaching about $2,400. Affordable units priced under $1,500 have decreased by 50-56%.

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5-part blueprint for action

1. Deploy All Possible Funding Sources
   1. Expand and sustain local housing trust funds.
   2. Dedicate a portion of general fund revenue growth.
   3. Investigate CRA funds, in-lieu developer fees, surtax, and bond programs.
   4. Encourage private partnerships, such as the city’s 2024 project for attainable units downtown.
2. Reform Zoning & Land Use
   1. Facilitate “missing middle” housing: duplexes, triplexes, factory-built homes.
   2. Incentivize developers to create guaranteed affordable units.
   3. Promote adaptive reuse and unlock underused parcels.
3. Dedicated Public and Private Land
   1. Identify land owned by local governments and institutions for housing projects.
   2. Develop land acquisition funds from mixed public/private sources.
   3. Adopt community land trust models.
4. Form Strategic Partnerships
   1. Collaborate with employers, universities, and nonprofits.
   2. Enhance capabilities for nonprofit housing developers.
   3. Share data and coordinate across municipalities.
5. Supporting the People
   1. Invest in legal aid, housing counseling, and fair housing protections.
   2. Involve residents, especially those most affected.
   3. Ensure transparent monitoring and reporting of progress.

Looking toward 2035, the county acknowledges it must construct 6,800 affordable homes and 8,283 affordable rentals—averaging about 1,500 annually—to address escalating needs.

Without intervention, the aging workforce and diminishing middle-income level may result in a heavy reliance on inbound commuters, putting additional pressure on transit and infrastructure.

Read the entire action plan below: