TAMPA, Fla. (WFLA) — Rent hikes across the United States are now matching the overall inflation rate across the country. As the latest inflation rates hit 6.8% in the U.S. and 8% in the Tampa metro, the country’s rental costs rose another 7% in November.
The costs are hitting consumers where it hurts the most: breakfast, bedrooms, and continuously, home and rent prices. Housing costs continue to rise for buyers and renters, particularly in areas like Tampa Bay.
No matter how you pay for your house or home, the costs are going up and inflation appears here to stay. Redfin said increased housing costs contribute to overall inflation in a big way.
“First inflation came for the for-sale housing market, and now it is coming for the rental market,” said Redfin Chief Economist Daryl Fairweather. “Many people have been priced out of the for-sale market and are looking to rent instead, but that demand is pushing up rents.”
In November alone, a recent Redfin pricing study found that while the national rent prices had gone up 20.5% on average over the past year, Tampa rent had risen 28.4%.
The Redfin report said Tampa’s average monthly rent was $2,065, though it does not clarify what type of property the rental price is for.
By comparison, the average monthly rent in the U.S. is $1,985 according to the study. Mortgages in the U.S. were up 19.9%.
From the report, which ranked the top 10 metro areas with the fastest-rising rents in the past year, four Florida cities reached broke into the bracket. Tampa happened to be the last, at number 10.
Here’s the ranking from Redfin.
- Miami, FL (35%)
- Fort Lauderdale, FL (35%)
- West Palm Beach, FL (35%)
- New York, NY (34%)
- Newark, NJ (34%)
- Nassau County, NY (34%)
- New Brunswick, NJ (34%)
- Jacksonville, FL (33%)
- Austin, TX (30%)
- Tampa, FL (28%)
Still, mortgages were on the rise too. The same Redfin report found that the average mortgage in Tampa was up 27.3% compared to last year, with monthly costs for a mortgage coming in at $1,336.