PORT ST. LUCIE — The city is the fourth least affordable rental market in the U.S., studies show, and competition remains high among renters for each available unit.
Only 1.43% of rental units are “affordable” for residents who earn an average income here, according to a study by CashNetUSA, an online marketplace offering cash advance loans to consumers.
A housing unit is considered affordable if its total costs fall beneath 30% of the average local income, according to a benchmark set by the Department of Housing and Urban Development.
The Port St. Lucie metropolitan area, which includes St. Lucie and Martin counties, has a per capita income of $34,797, U.S. Census data shows.
High demand creates high prices
The city has “very little naturally occurring affordable units, if any,” according to the 2024 Housing Needs Assessment — a collaborative countywide report funded by St. Lucie County, Port St. Lucie and Fort Pierce.
Over the summer, 12 renters competed for each available apartment unit in Port St. Lucie, according to a study by RentCafe, a nationwide apartment-search website.
“The city’s growing competitiveness stems from a steep decline in new apartments — down from 4.99% to just 0.59% of supply,” the RentCafe study said. “With that, far more renters are choosing to stay put, which also caused the lease renewal rate to climb to 73.6% this peak season, up from 68.1% last summer.”
Port St. Lucie has the No. 8 most competitive small rental market, RentCafe found. A small rental market is defined by having fewer than 80,000 rental units.
Earlier in 2025, Port St. Lucie had the third most competitive small rental market, RentCafe found, with 13 renters then competing for each available unit.
Jack Randall is TCPalm’s economy and real estate reporter. You can reach him at jack.randall@tcpalm.com.
This article originally appeared on Treasure Coast Newspapers: Port St. Lucie renters struggle to afford rent with average local income, study shows
Reporting by Jack Randall, Treasure Coast Newspapers / Treasure Coast Newspapers
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