Advertisement
  1. Business

Rents are falling in downtown Tampa but going up in other parts of Tampa Bay

The Avanti with 326 units is among the  many new apartment communities in the Downtown St. Petersburg/Kenwood submarket.  [SUSAN TAYLOR MARTIN | Times]
The Avanti with 326 units is among the many new apartment communities in the Downtown St. Petersburg/Kenwood submarket. [SUSAN TAYLOR MARTIN | Times]
Published Mar. 19

Apartment dwellers in downtown Tampa and Hyde Park pay the highest average rents of any in the Tampa Bay area, a new report shows.

That might not be true much longer. Rents in downtown Tampa have dropped 4 percent in the last three months while they have climbed in downtown St. Petersburg and other part of Pinellas and Hillsborough counties.

Overall, though, Tampa Bay rents are "not out of line by any stretch'' compared to the rest of the country, according to Bruce McClenny, president of ApartmentData.com. The Texas-based company tracks rental rates, occupancies and apartment construction in several U.S. metro areas and submarkets.

In the submarket that includes Tampa's downtown, Hyde Park and West River areas, rents average $1,627. But they have steadily declined because of so much new construction — of the 8,526 units in the area, half were built in the last five years.

"All of a sudden you're looking at an oversupply of units,'' McClenny said. "It will definitely be a desirable place to live, it's just the timing of all these units coming on got a little ahead of the demand. The nice part about it for renters is there are some deals to be had in very nice brand new units.''

Compare those figures to the West Shore/Rocky Point submarket, where the average rent rose nearly 5 percent in the last three months to $1,557. Long known as a business district, West Shore with its wealth of restaurants and shopping has increasingly become a live-work-play area where demand for apartments has outstripped the supply — it has half as many units as downtown Tampa/Hyde Park.

South Tampa saw an even bigger jump in rents, up 8.3 percent to an average of $1,274. It too has far fewer apartments than downtown Tampa although 351 units have recently been completed and 1,284 are under construction, primarily in the West Shore Marina District at the east end of the Gandy Bridge.

On the Pinellas County side of the bay, the downtown St. Petersburg/Kenwood submarket has seen a steady increase in rents over the last 12 months. They now average $1,229.

As its reputation as an arts and entertainment area grows, drawing ever more people, downtown St. Petersburg continues to experience an apartment boom. In the last 12 months, 304 new units have become available while nearly 1,000 more are under construction.

Still, the new units account for only about 13 percent of the supply in the submarket, which stretches south to Pinellas Point and north to Lealman. "It's not as severe a number as we're seeing in the (downtown) Tampa area so it's at a level where the demand is keeping up with it and maybe even outstripping it because the rent growth is 3.3 percent,'' McClenny said.

Some other findings from the ApartmentData.com report:

• The Largo/Clearwater/Dunedin submarket is one of Tampa Bay's largest. It has a total of 16,865 existing apartments — almost twice as many as in downtown Tampa/Hyde Park — with a strong 92.6 percent occupancy rate and rents averaging $1,116. That is among the lowest in the bay area.

• More apartment communities in downtown Tampa/Hyde Park than in other areas are offering "specials,'' including a month of free rent.

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.

ALSO IN THIS SECTION

  1. Rendering of Encompass Health Corporation's planned 37,000-square-foot facility in Land O' Lakes [Pasco EDC]
    News and notes on local businesses
  2. Jeremy Sutliff drags a freshly cut hop plant over to the harvesting machine at the Gulf Coast Research and Education Center in Wimauma. [DIRK SHADD  |  Times]
    Researchers are trying to make a variety of hops suitable to Florida’s climate.
  3. The Sears in Brooksville, as shown in this captured image from Google Maps, will close next year. [Google]
    The store’s parent company had already announced the area’s last Kmart in Pinellas also is closing.
  4. Tampa is among the most friendly pet-friendly cities for renters. Pictured is downtown Tampa. [Times file photo] [Tampa Tribune]
    According to Homes.com’s recent analysis, nearly 60 percent of rentals on its site in Tampa are pet friendly.
  5. Meridian Concourse Center in Clearwater. [Avison Young]
    The Meridian Concourse Center consists of three buildings.
  6. Tech Data CEO Rich Hume (left) shares a moment with his predecessor, Bob Dutkowsky, during a send-off celebration for Dutkowsky on June 7, 2018 at the company's 
 headquarters in Largo. At the time, Tech Data had already received the first in what would become a series of purchase offers from New York-based private equity giant Apollo Global Management. Along the way, Dutkowsky would play a key role in negotiations with Apollo. JIM DAMASKE   |   Times (2018)
    Apollo Global Management has been trying to buy Tech Data for a year and a half. Along the way, four other companies were interested, too. Two made offers.
  7. At the request of a state lawmaker, Citizens Property Insurance Co.’s board is again bringing in an outside evaluator to help the insurer decide if and how to cull its policyholder base. Pictured is  Sen. Jeff Brandes (R-St. Petersburg) (left) and Barry Gilway, CEO of Citizens. [Courtesy of Sen. Jeff Brandes and Citizens Property Insurance Co.]
    At the request of St. Petersburg Sen. Jeff Brandes, the insurer will look for ways to shrink.
  8. In addition to offering groceries through Prime Now, Amazon has just launched Amazon Fresh in Tampa Bay. (AP Photo/Mark Lennihan)
    The online retailer branches out beyond the Whole Foods’ organic products it already offers.
  9. Pinellas County Commission chairwoman Karen Seel said a Tampa economic development group's recent decision to put "Tampa Bay" into its name "does great harm to the progress we have made on regional collaboration."
    But in Tampa, the chief executive officer of the nonprofit, government-supported economic development group is giving no sign of backing off the new name.
  10. This holiday season could be a record for travel. According to AAA, the Auto Club Group. Pictured is traffic on the Bayside Bridge in Clearwater in October. [Times file photo] [CHRIS URSO  |  Times]
    According to AAA, the Auto Club Group, more Americans are traveling this year than previous years.
Advertisement
Advertisement
Advertisement