NewsSarasota MagazineOctober 23, 2026Sarasota County
Developers advance hundreds of new downtown Sarasota housing units amid elevated vacancies and widespread rental concessions
Photo: Sarasota Magazine
Developers are moving forward with hundreds of new apartments, condominiums, and single-family homes across downtown Sarasota while local rental markets show elevated vacancy rates and extensive rent concessions. Data from Apartment List shows that nearly 64 percent of multifamily properties in the metro area advertised rent concessions in September, while local vacancy rates remain above the national average despite declining over the past year.
Read the full story at Sarasota MagazineWhy It Matters
Real estate developers are adding hundreds of residential units to downtown Sarasota while local apartment vacancy rates sit at 10.36 percent and over 63 percent of regional multifamily properties offer , raising questions about how quickly the market will absorb the new housing.
Key Facts
- In September, 63.81 percent of multifamily properties in the North Port–Sarasota–Bradenton metropolitan area advertised rent concessions worth at least one month's rent.
- The local metro area's September 2026 apartment vacancy index was 10.36 percent, placing it fifth-highest among 125 metropolitan areas tracked by Apartment List.
- The Sarasota City Commission voted on Oct. 19 to approve the redevelopment of the southern portion of Midtown Plaza into 91 apartments, 23 attainable units, and a 145-room hotel.
- Plans for 2101 Ringling Blvd. call for a seven-story mixed-use building with 26 apartments, a 3,100-square-foot restaurant, and 800 square feet of retail space.
- Saravela is proposed as an 18-story mixed-use development at 430 N. Tamiami Trail featuring 282 residences, including 40 attainable units.
- Lumora at 1360 Ringling Blvd. is proposed as a 10-story mixed-use building with 178 residences and nine attainable units.
- Plans at 1776 Ringling Blvd. call for a 10-story condominium building with 52 residences, including four attainable units.
- A developer at 628 N. Orange Ave. and 1606 Seventh St. proposes dividing two existing houses into eight single-family lots.
- Within the city of Sarasota, the apartment vacancy rate dropped from 13.22 percent to 9.85 percent between September 2025 and September 2026.
- Sarasota County's apartment vacancy rate fell from 16.17 percent to 10.70 percent over the same period, while Manatee County's rate rose from 8.83 percent to 10.07 percent.
Who's Mentioned
PersonDon Murphy“Manager of companies associated with the Ringling Boulevard properties.”location1776 Ringling Blvd.“Proposed site of a 10-story condominium building.”location2101 Ringling Blvd.“Former Checkers restaurant site proposed for a seven-story mixed-use building.”locationSarasota“City where housing developments and rental market trends are analyzed.”OrganizationApartment List“National apartment-search website that publishes rental-market research.”location2129 Ringling Blvd.“Neighboring property providing residential density for the 2101 Ringling Blvd. p”OrganizationMidtown Plaza“Project site along South Tamiami Trail.”locationSouth Tamiami Trail“Location of the Midtown Plaza redevelopment.”OrganizationSarasota City Commission“Elected body that voted to approve redevelopment of Midtown Plaza.”location628 N. Orange Ave.“Proposed site for single-family lots.”locationSarasota County“County where apartment vacancy rates fell from 16.17 percent to 10.70 percent.”OrganizationMRM Management LLC“Developer of the Ringling Boulevard project.”location430 N. Tamiami Trail“Proposed site of the Saravela development.”OrganizationLumora“Proposed 10-story mixed-use building formerly known as Adagio at 1360 Ringling B”OrganizationSaravela“Proposed 282-residence development at 430 N. Tamiami Trail.”locationNorth Port–Sarasota–Bradenton metropolitan area“Metropolitan region tracked for rental concessions and vacancy rates.”location1606 Seventh St.“Proposed site alongside 628 N. Orange Ave. for single-family lots.”location1360 Ringling Blvd.“Proposed site of the Lumora development.”locationManatee County“County where apartment vacancy rates rose from 8.83 percent to 10.07 percent.”OrganizationAdagio“Former name of the Lumora project.”