As home prices skyrocket, renters are also feeling the impact. According to rental platform Zumper, as of May 2022, the median rent in St. Petersburg was $1,525 a month for a one-bedroom unit. This represents a year-over-year increase of 17 percent.
Two-bedroom units are up 14 percent over the year with the median rent coming in at $2,100 a month. The highest increase is for three-bedroom units. The median rent for these apartments is now $2,525 per month, an increase of 26 percent over last year.
What is St. Petersburg government doing to make housing more affordable?
In 2020, the city government began a 10-year plan introducing solutions aimed at expanding housing affordability. The goal is to assist 7,000 low- and moderate-income households across the city. The city has approximately $60 million to construct and renovate 2,400 affordable multi-family units.
The demand for these units is already extraordinarily high. When the new SkyWay Lofts affordable housing complex opened in March, there were 1,800 responses for the 65 available units.
Rent for the units is based on income. Most of the apartments are for people who make less than $35,000 a year. Rents for a one-bedroom unit range from $346 to $1,039 a month. Rents for two bedrooms range from about $402 to $1,234 per month.
Here Mayor Ken Welch talks about the new apartments and affordable housing, which he calls the city’s number one issue:
More affordable neighborhoods in St. Petersburg
If you’re like many renters in St. Petersburg who are struggling with the high cost of rent, you might be looking for a more affordable neighborhood. According to Zumper, the following is a list of more affordable areas for renters as of May 2022:
- Magnolia Heights
- Perry Bayview
- Winston Park
- Historic Kenwood
- Jungle Terrace
- Pasadena on the Gulf
Homebuyers squeezed out of the market as well
In 2021, Forbes ranked St. Petersburg as the fourth-hottest housing market in Florida. Fast forward a year later and St. Petersburg’s housing market hasn’t cooled down by much.
According to Rocket Homes, the city remains a seller’s market in 2022. St. Petersburg median home prices are up 20.7 percent year-over-year (compared to a 26.7 percent increase between May 2020 to May 2021). The median sold price comes in at almost $349,000.
Despite the recent increase in interest rates, demand for homes remains brisk. The average sale time for a home in St. Petersburg was a mere 10 days in April 2022, compared to 24 days just a year earlier.
If you’re in the market to buy a home, be prepared to open your wallet wide. You could end up in a bidding war, paying more than the asking price. Almost 57 percent of homes sold for above the asking price in April 2022.
Do you think St. Petersburg politicians are doing enough to make housing more accessible and affordable for all?
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