Tampa, FL

Tampa Rent Drops for Second Month in a Row, but Rents are Still Comparatively High

L. Cane

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Rents still high in TampaErik Mclean, unsplash

There is good news and bad news for Tampa renters. The good news is that Tampa rent appears to be trending downward.

The bad news is that rent prices in Tampa are still high compared to last year. And Tampa's rent prices are among the faster-rising in the country.

A Slight Downward Trend:

ApartmentList.com has released rent data for January 2022, which shows a decline of 1.5% for December rent rates. November also showed a slight decline. But only after September reached an all-time high.

Tampa Rents Are Still Expensive:

Although any downward trend is encouraging, Tampa's rent prices are still around 32% higher than last year. That's almost twice as high as the national average of 17%. And it is the highest jump in the state of Florida.

Renters who need a place right now would pay an average of $1,448 for a one-bedroom apartment and $1776 for a two-bedroom apartment.

You'll Pay Even More for these Popular Neighborhoods:

The above numbers are the averages. However, if you wish to live in a trendy neighborhood or a neighborhood with highly-rated schools, you'll likely have to pay more than average.

According to Apartmentguide.com, the most popular neighborhoods in the Tampa area are:

  • Downtown
  • Old Seminole Heights
  • Harbor Island
  • Channel District
  • North Hyde Park

Not coincidentally, these areas are close to the city center and offer easy access to popular amenities and attractions. They're also seeing massive growth and new construction.

An Example of a Luxury Tampa Apartment in a Trendy Neighborhood:

Some of the afore-mentioned new construction offers modern, luxury options with stunning views of either the city, Old Tampa Bay, or the Hillsborough River.

Check out this recent YouTube video about a luxury apartment with views of all three in the heart of downtown.

I didn't hear a price for this unit, but a quick check on Element's website indicates that the cheapest one-bedroom currently available runs around $1975 a month, while the most expensive two-bedroom is around $4,155 per month.

Tampa Rent is Not The Most Expensive in Florida:

Although Tampa's rental prices seem quite high, Tampa residents do not pay the highest rent prices in Florida. That honor goes to Miami, where a two-bedroom apartment averages just over $2,000.

Tallahassee had the lowest rent prices at just over $1,300 for a two-bedroom.

And St Petersburg rents averaged around $30 higher per month than Tampa.

Some Struggle to Afford High Rent Prices:

According to 2021 calculations on Census.gov, the recent average income for Tampa is $53,833 per household.

Experts say you should spend no more than thirty percent of your income on rent, including utilities. Rent calculators are available to help figure out what one can comfortably afford.

Using Apartment.com's rent calculator, someone making $53,833 in Tampa should comfortably spend about $1350 on rent.

Of course, this number is only the average. Some Tampa residents make more and others make less.

Over the past couple of years, there's been significant media coverage about how people struggle to find and keep affordable housing in Tampa.

2-1-1 Tampa Cares, an agency that helps people find affordable housing, took around 90,000 calls in 2020.

And Hillsborough's R3 Emergency Rental Assistance Program has provided $40 million dollars of CARES Act dollars to over 9,200 Hillsborough County residents over the last year.

The fourth phase of this R3's rental assistance program is happening right now. Renters can apply on hillsboroughcounty.org.

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