After hitting record highs over the past two years, Tampa’s grossly congested rental market finally began to calm down this month.
According to a report Released today by online rental giant Apartment List, average rents in Tampa fell 1.4% month-over-month in November.
Right now, median rents in Tampa are currently $1,421 for a one-bedroom apartment and $1,753 for a two-bedroom apartment, the report said.
The 1.4% decline in rents in Tampa surprisingly topped the national trend, which recorded an average decline of 1.0%. Overall, Tampa was one of 93 of the nation’s 100 largest cities to see lower rents this month.
While November’s rent drop is certainly a relief, it’s important to note that Tampa’s rental market is still extremely bad.
According to the report, while year-over-year rent growth in Tampa currently stands at 2.4% (a significant slowdown from 2021’s 33.4% jump), the market is still inflated by 39.1% since the start of the pandemic in March 2020.
It’s also worth mentioning that Tampa currently ranks as the 26th most expensive major city to rent in the country, and it’s currently cheaper to rent in places like Seattle, WA ($1,716), Long Beach, CA ($1,686), Austin, TX ($1,662). ), Orlando, FL ($1,579), Denver, CO ($1,569), and Atlanta, GA ($1,556), to name a few.
But according to the report, there are worse places to rent in the Bay Area than Tampa. Average rents in St. Petersburg, for example, are currently $1,345 for a 1 bedroom, but The Sunshine City is also experiencing the fastest annual growth rate in the region at 3.2%.
Wesley Chapel, home to a Texas Roadhouse and a large outdoor mall, is currently the most expensive area to rent in the Tampa Bay metro at $1,671, but it also saw the biggest rate drop this month. -ci with -2.3%, and a whopping -6.5% year-over-year.
Today’s report tracks similar cooling trends in rents across the country over the past few months. A report released in early November by Florida Atlantic University, Florida Gulf Coast and the University of Alabama, showed that 38 out of 100 measured housing markets across the county saw a slight decline in rent prices in September.
“It appears that an increase in supply has helped relieve pressure on rental housing prices across the country – and that’s exactly what needed to happen,” said Ken H. Johnson, Ph.D. , an economist at the FAU College of Business. “Additional supply appears to be coming from the delivery of units under construction, an increase in unit density, and the conversion of many Airbnb-like units to long-term rentals.”
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