Tampa Bay has seen the highest rent increases in the United States in 2021

Tampa Bay (iStock)

Tampa Bay has won more than one Super Bowl this year, leading the nation in rent increases in the months after its hometown Buccaneers led the National Football League.

Data from the CoStar Group shows that rents in the metro area have risen 24%, on average, over the past 12 months, according to the Tampa Bay Times. That’s the most for any city with at least 100,000 apartments.

Landlords in the area along Florida’s Gulf Coast have had the opportunity to increase rents due to unprecedented demand, thanks in large part to new residents seeking a lower cost of living. expensive, fewer pandemic restrictions and a warmer climate. Strong demand is also behind the rise in house prices.

“You have potential buyers who are out of the market” and tenants who stay longer, said Tampa-based CoStar senior market analyst Erin Amon-Surlis. “It’s kind of a perfect storm of all these supply constraints…combined with high demand.”

In terms of dollar amounts, landlords increased annual rents by about $315, to about $1,600 on average. Some neighborhoods saw bigger increases — prices in West Tampa were up 29%.

The Tampa Bay metro area, which includes the cities of Tampa and St. Petersburg, as well as various suburbs, remains relatively inexpensive compared to most other parts of the country. They are still $200 below the national average and $2,000 below the market like New York.

However, incomes are not growing at the same rate, putting pressure on low-income residents. Aloha Kelm, who lives in a 55-plus-year-old mobile park home in the Town ‘n’ Country neighborhood of suburban Tampa, said it’s probably the only place she can afford to live in the area. .

“A lot of people are moving in and splitting the expense between them because the rents in all these damn places are just unreal,” Kelm said.

This means that there is also a strong demand to buy rental properties. Colliers International managing director Shawn Rupp said buyers outnumbered sellers “more than 20 to one”.

Downtown Tampa is also undergoing a transformation. Massive development projects such as Strategic Property Partners’ 56-acre Water Street Tampa development have the potential to attract an even wealthier crowd, which could in turn boost housing demand in the wider area.

[Tampa Bay Times] —Dennis Lynch

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