Tampa Bay's rent increased by a record 24% in 2021, the highest in nation

[Zorro]

One apartment industry expert said it may become more common for local residents to spend half their income on rent.

It was clear by the summer that Tampa Bay’s rent increases were shattering records. But as 2021 comes to a close, the verdict is that the price changes were stratospheric.

Rent prices in Tampa Bay increased by a record 24 percent in 2021, according to an analysis by CoStar Group, a commercial real estate data firm, which included Pinellas, Hillsborough, Pasco and Hernando counties. Tampa Bay had the highest rent spike in the nation for markets with at least 100,000 apartments, CoStar found.

To understand how troublesome this is for renters: The second-highest annual rent growth in the past two decades was 2015, which saw a 6.2 percent increase.

“This is a once-in-a-generation market that we’re in,” said Casey Babb, executive managing director at the Tampa office of Colliers International, a commercial real estate services company. The momentum began in 2010 as the Great Recession receded, he said, and has ramped up.

The spike is driven by demand, which is soaring in Tampa Bay thanks to a surge of new residents from out of state seeking a cheaper cost of living, warmer climate and fewer pandemic restrictions. At the same time, the supply of rental units has not caught up as the nation experiences a housing shortage affecting both the rental and home-buying markets.

https://www.tampabay.com/news/real-estate/2021/12/22/tampa-bays-rent-increased-by-a-record-24-in-2021-the-highest-in-nation/

[BlueBlud]

1. Then why is Calif rent going up fast too? People are leaving Calif for Flor etc.

[Historic NY]

2. My neice a single 40 something nurse moved down to that area

in 2017. She works at the largest VA hospital in the state, found a nice nearby apt. complex within minutes to work. She had her rent balloon suddenly in the complex where she lives, went from 1700-2300 a month. It would be more for a new renter. Florida wages suck and haven't kept up with what she was making here in the North. Her mother lives nearby, and she has become her daily caregiver, she is not allowed to move into the 55+ complex.

[Farmer-Rick]

3. And yet interest rates for loans for these properties are at an all time low.

So, you can buy one of these rental properties for a whole lot less than before the pandemic. But now to rent an apartment is sky high.

This is how the rich get rich off the backs of everyone else.

[jimfields33]

4. I moved from Maryland to Florida

I bought a house in Central Florida (2,000 square foot) that was three times cheaper than my sold home (2800 square foot) in Maryland. And the property taxes are three times cheaper than in Maryland. It is the most reasonable place to live. I see why people are coming here in droves.

[PortTack]

5. Nope..no thx! Happy you are pleased

Too many critters, including the crazy political kind and climate change

[unweird]

6. Reasonableness in the mind of the beholder

Our family won’t even visit/vacation in Florida much less relocate there. There is more to life and living than tax avoidance and libertarian laissez faire living conditions.

[PBC_Democrat]

7. Another factor is

the lifting of the eviction ban. Landlords are looking to recoup the money they lost during the ban.

Not that it wasn't the right thing to do but the burden disproportionally fell on the landlords. A combination of over-cumbersome paperwork, closed courts, and an inefficient payment system.

All of this combined with a growing demand for rentals is bad news for renters. Part of the answer for some renters is to sign a multiyear lease.

[whathehell]

8. Hi Zorro, Hi Florida

Last edited Tue Jan 4, 2022, 12:09 PM - Edit history (1)

As a Possible Snowbird coming from Chicago, can anyone tell me what the

Covid situation is there? The news claims Florida is EXPLODING with it, and

that Mask Wearing is scarce. My husband and I reserved a 2 week stay in

Tampa this month, but, as two post 60-Somethings, we're thinking of

canceling due to the Covid situation...any advice would be

much appreciated. .

Thanks.:🙂