Tampa monthly rent up 30%, averaging over $2K, study shows

Local News

TAMPA, Fla. (WFLA) — A new study on the continually rising rent costs across the United States found that Tampa’s average rent per month is just over $2,000. The year over year change in rent is now at 30.5 percent.

Rental costs and mortgages are both up. The average cost of a monthly mortgage in Tampa is up 25.3 percent versus last year, coming in at $1,301. The rent in the Tampa metro is averaging $2,059 but the study didn’t clarify if the average was for all apartments and rentals, or certain types, such as one or two-bedrooms.

The study from Redfin also said that the “skyrocketing rents in some of the most desirable cities suggest that there is an overall shortage of homes, and not just of homes for sale.”

Survey data from Florida Realtors agrees. Studies done in Florida from October found that the available inventory of single-family homes, townhouses and condos for sale in the state had dropped significantly, and more buyers were paying cash in 2021 for their new homes.

Redfin examined the top 50 largest metro areas in the U.S. for the rental cost changes over the past year. Only one major metro saw rental prices decline, St. Louis, Mo., where rent went down 4 percent.

The Redfin analysis notes in their study that “prices in this report reflect the current costs of new leases and new mortgages during each time period. In other words, the average rent of $3,343 in the Anaheim metro area is not the average of what all renters are paying, but the average cost of apartments that were available for new renters during August 2021.”

Of the top 10 metro areas with the fastest rising rent, ranked in the study, four of the cities are in Florida. West Palm Beach, Fort Lauderdale and Miami are the top three, with Seattle and Jacksonville finishing out the top five listed.

“The metro areas with the biggest increases in rent prices—up over 30%—were in Florida, Washington State, Oregon, Texas, and New York,” according to Redfin.

Here’s how each of the top 10 metros ranked, with how much their rent has climbed in the past year.

  1. West Palm Beach, Fla. (36 percent)
  2. Fort Lauderdale, Fla. (36 percent)
  3. Miami, Fla. (36 percent)
  4. Seattle, Wash. (32 percent)
  5. Jacksonville, Fla. (32 percent)
  6. Portland, Ore. (31 percent)
  7. Austin, Texas (31 percent)
  8. Newark, N.J. (31 percent)
  9. Nassau County, N.Y. (31 percent)
  10. New York, N.Y. (31 percent)

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