Wellen Park appears poised to become to Venice and North Port what Lakewood Ranch is to eastern Manatee and Sarasota counties. At least, it certainly seems that’s what developers hope will happen.

Single-family home developments might be the bread and butter of master-planned communities, but diversifying the landscape is an important part of business today. At the start of January, Wellen Park will do just that by introducing its first foray into the rental market. That would be Tropia Wellen Park, a 13.6-acre luxury apartment complex with 279 one-to-three-bedroom units.

Monthly rents start at $1,899 for a 684-square-foot one-bedroom, to $3,299 for a 1,548-square-foot three-bedroom, two-bathroom apartment, according to the building’s website. Amenities include a resort-style pool, fitness center, dog park and pet spa. The interior style of Tropia promises a clean finish with quartz countertops, silver wood-finish flooring, black plumbing fixtures and modern lighting.

Preleasing for the complex started at the end of October, and interest is already “tremendous,” according to Carissa Brogdon, director of marketing and branding for Davis Development, Tropia’s developer. While Brogdon wouldn’t provide exact numbers, she did say that more than 350 individuals had reached out for information on the complex in the last six months.

The building isn’t just appealing to the age range one might expect – young professionals – but also to early retirees who want a no-strings way to try out Wellen Park before moving in, said Wellen Park president Rick Severance. Tropia is located not far from developing Downtown Wellen, which will boast recreational, leisure and entertainment options.

“I think walkability and engaging events are what renters will find most appealing,” Brogdon said. “We anticipate the convenience of shopping, dining and social events to be a truly curated lifestyle.”

The building’s pricing is also in line – if on the high side – with comparable offerings in North Port and Venice, said Jim Fraser, founder and broker of Wellen Park Property Services. A two-bedroom, two-bathroom rental in the area might go for around $2,500 a month and a three-bedroom, two-bath between $2,800 to $3,000, he estimates.

Fraser started his business in spring 2022, hoping to become the property manager he had always wanted. He offers a full-service experience to property owners who want to rent out their homes without the hassle.

Many of the prospective renters he’s interacting with have a similar story: they hope to buy in Wellen Park but want to rent first. But while they wait out the housing market, the rental market has become equally challenging, Fraser said.

“You hear that over and over again – they come down and they want to rent. But lately, the rental market has become very tight,” he said. “There is a real absence of inventory.”

Current rental listings in the MLS database make that clear. In early November, there were only 188 rental properties available in all of Venice and North Port, according to Fraser, and 51 were listed as seasonal.

September’s Category 4 Hurricane Ian also led those displaced from the storm to seek temporary housing elsewhere, and that elsewhere is often their neighbors to the north. Fraser currently has a two-bedroom, two-bathroom condominium in Venice for rent – he’s showing it to a prospective tenant whose North Port home was flooded with 26 inches of water from the hurricane. The renter wants something unfurnished and more reasonable than his current place. Fraser’s might just be a fit.

But as Wellen Park grows and changes, renters will continue to have more and more options. In the following year, the planned community will start rolling out Stillwell, a single-family neighborhood built as rentals, and Solea, a 55-and-older apartment complex.

Yet even as Tropia encroaches on Fraser’s territory, he’s not concerned about competition.

“I don’t think it’s going to affect the rental environment,” he said. “There’s a very strong demand for rental properties.”

This article originally appeared on Sarasota Herald-Tribune: Wellen Park development makes luxury rental market splash with Tropia