Rental costs in Tampa Bay proceed to rise

TAMPA, Florida – Rental costs proceed to rise within the Tampa Bay space, making it much more troublesome for folks to seek out inexpensive housing.

Forest Maddox is an actual property agent within the Riverview space and says most dwelling consumers are on the lookout for one thing within the suburbs between $ 250,000 and $ 350,000.

“It is a very tight market; stock may be very low. They like neighborhoods, however most individuals are on the lookout for slightly area exterior of HOA neighborhoods. It is more durable to seek out, particularly on this vary. of worth.”

In keeping with apartmentlist.com, the lease in Tampa goes up. The median lease is now $ 1,129 for a 1-bedroom and $ 1,376 for a 2-bedroom.

The lease enhance right here is the sixth highest within the nation.

Taking a better have a look at housing tendencies and migration patterns, analysis from realtor.com reveals persons are transferring away from huge cities with denser populations throughout this pandemic.

New York, San Francisco, LA, DC, Seattle, and Miami have all seen rental declines up to now yr.

Individuals are transferring to extra inexpensive areas like Tampa Bay.

However which means much less stock is obtainable.

Maddox tells me that a lot of their clients can’t afford to purchase.

“They’ve to maneuver right here, they usually cannot discover something to purchase immediately within the timeline. In order that they go over to the rental facet to attempt to get into one thing,” he stated.

The excellent news is, statistics present that rental costs in Tampa and St. Petersburg are nonetheless extra inexpensive in comparison with different locations like Miami.

Nationwide Affiliation of Actual Property Brokers

However with extra folks transferring right here, the lease will proceed to rise because the competitors for flats grows.

“My greatest tip is persistence, however be prepared to leap as quickly as you get one thing. Making a low bid or attempting to do one thing low on this market, it simply will not occur as a result of issues transfer so quick and different persons are prepared to pay. “

Specialists say child boomers who retire will even result in elevated demand as they cut back leases.

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