With the Tampa Bay population at over 3 million and more people expected to move to here, housing demand is at an all-time high. More apartments are being built in the bay area, but most are being marketed as luxury units, while cheaper units tend to be the ones with lower vacancy rates, according to commercial real estate data company CoStar.
Using data from CoStar, we addressed some questions that both new and seasoned renters may have as they’re searching for an apartment locally.
The asking rent prices in Tampa Bay increased by 25% in 2021, but have settled to a more moderate rate over the last 12 months, according to CoStar. The growth rate for rent is expected to continue rising over time at a gradual pace.
Seeing low vacancy rates for long periods of time is unusual; however, demand isn’t expected to decrease anytime soon, a report from CoStar says.
Construction projects for new apartment buildings are going on all over Tampa Bay. These projects are expected to supply thousands of additional units, but they wouldn’t solve issues related to the need for affordable housing because many of the buildings are being marketed as luxury apartments.
Right now people facing increased rents paired with inflation costs are being priced out of their apartments. Officials in both St. Petersburg and Tampa have been discussing possible rent control measures.
If you need help finding housing or are struggling to find housing you can afford, check out our list of financial and legal resources.