Unfortunately for residents of Tampa Bay, the rent is only getting higher.
According to a September report from Apartment List, rental rates in the Tampa Bay metro area increased by 0.8% since this time last year, leading the state average of 0.6%. The report also states that in just the past month, rent has increased 0.6%, making it the second month in a row rent in Tampa has increased.
Apartment List’s data comes from the median rent statistics as reported by the Census Bureau, and multiple listing sites.
Across the Tampa Bay metro, Valrico currently has the most expensive rent with a two-bedroom unit averaging at about $1,594. The fastest rent growth rate is in Largo with a year-over-year increase of 7.4%, and St. Petersburg has the cheapest average rent at around $1,208 for a two-bedroom.
Compared to many large cities nationwide, Tampa Bay tends to be more affordable. Rent in Los Angeles averages $1,740 for a two-bedroom. Still, while rent has increased in the area, rent averages in Atlanta, Los Angeles and Austin have all decreased by over 1% since last year.
Even with the nationwide rent moratorium, 31% of renters started September still owing money for previous months, says Apartment List. Among those renters, 31% have had to sell assets and 16% have had to use funds from retirement savings.
The report also comes after a study by the National Low Income Housing Coalition showed Tampa Bay is the eighth most expensive metropolitan area in Florida. In fact, minimum wage workers in Tampa need to work 92 hours a week to afford a standard apartment.
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This article appears in Sep 10-16, 2020.
