The average monthly apartment rental rate in the Tampa Bay market rose to $848 in the third quarter, up 0.7 percent from the second quarter, according to a report released Tuesday by Reis Inc., a New York real estate research firm.
Tampa Bay rentals remain well below the national average of $1,073, up 1 percent from the second quarter, the largest quarterly gain in a year. In its analysis of 79 markets, Reis found none in which rental rates fell. The increases represent a turnaround from recent quarters when it appeared that rent growth was slowing, reflecting falling demand for apartments as more families decided to buy homes.
The Tampa Bay market ranked sixth among the 79 metro areas with a 0.2 percent decline in its apartment vacancy rate to 4.5 percent. Nationally, the vacancy rate is 4.2 percent.
Elsewhere in Florida, Fort Lauderdale posted a third-quarter average monthly rental rate of $1,129, Miami's was $1,106, Orlando's was $871 and Jacksonville's was $803. Nationally, the highest rental average was New York at $3,049. The lowest among the 79 markets was Wichita, Kan., at $529.