Decline in Rental Interest Noted in Tampa Bay Cities, According to Recent Report

Following its status as one of the most competitive rental markets in recent years, certain Tampa Bay cities are experiencing decreased interest from potential renters in the early months of 2024, as outlined in a recent report.

RentCafe conducted an analysis of rental listing data encompassing the 150 most populous cities in the contiguous U.S., utilizing a relevant listing inventory sample. These regions are categorized based on the U.S. Census Bureau’s classifications.

Tampa now stands as one of the less favored locations for renters, securing the 81st spot nationally with a rental score of 58. According to the website’s findings, the average monthly rent for apartments in Tampa is $1,923.

“Tampa offers renters a mix of lively urban neighborhoods and more relaxed suburban options. Neighborhoods close to downtown consist mainly of mid-rise apartment buildings, while neighborhoods further from downtown feature more single-family rentals with yards,” the website wrote.

According to the data, a significant portion of apartment rents in Tampa falls within the range of $1,501 to $2,000, accounting for 41%. Additionally, apartments priced over $2,000 make up 33% of the city’s rental market, while 24% of Tampa’s apartments fall in the range of $1,001 to $1,500.

St. Petersburg ranked lower on the list at No. 141, falling eight spots since last month.

“St. Petersburg is also a cultural and art hub home to the Salvador Dali Museum, the Museum of Fine Arts and the Chihuly Collection. It also has street art, trending restaurants, nightlife spots and versatile entertainment venues,” the website stated.

St. Petersburg presently maintains an average monthly rent of $2,007, with a significant portion of rents, specifically 41%, falling within the range of $1,501 to $2,000.

Apartments exceeding $2,000 constitute 36% of the city’s rental market, while approximately 22% of St. Petersburg’s apartments are priced in the range of $1,001 to $1,500.

For further details, the complete report can be accessed here.