Rent prices are increasing almost 14 percent in some Tampa Bay neighborhoods

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TAMPA, Fla. (WFLA)- The rent is too darn high, or at least, it’s going that way.

A new analysis of rent prices across the country from property listing website, Rent.com, is showing that some Tampa Bay neighborhoods are seeing steady— and in some cases, significant— jumps in rent.

The website analyzed all of the neighborhoods in Tampa and St. Petersburg with enough of an available inventory on Apartment Guide and Rent.com.

Researchers then compared the average price from Aug. 2019 to Aug. 2018 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.

St. Petersburg saw the second most significant rent increase in studio apartments of 37.2% and an average monthly rent of $1,203.

But overall, the Pinellas side of the community only has two neighborhoods which have enough inventory to evaluate.

Greater Pinellas Point saw rent increases by 2.3% and downtown St. Petersburg only saw a one percent increase.

Pinellas rent

Percent increase over the year. Hover over the bar to see the exact number.

Sources: Rent.com

The most alarming part of the data, however, is the average rent for a one-bedroom apartment in North Hyde Park is $2,131. That’s a 13.88% increase in last year’s rent for a one-bedroom apartment.

Currently, 37 properties are listed in North Hyde Park, according to the website.

Tampa rent

Percent increase over the year. Hover over the bar to see the exact number.

Sources: Rent.com

New Tampa saw a relatively large price increase, but it was still significantly less than Hyde Park prices. with the average price for a one-bedroom increasing by 6.21%.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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