Even with a minor uptick in apartment availability, Tampa Bay continues to rank among Florida’s most fiercely competitive rental markets, according to a recent study.
In this study, RentCafe scrutinized 139 U.S. markets, utilizing five key metrics to assess the hottest rental destinations during peak seasons:
- Vacancy duration of apartments.
- Occupancy rates among renters.
- Competition for available apartments.
- Lease renewal rates for renters.
- The proportion of newly opened apartments in the market.
Despite a slight increase in apartment inventory, Tampa Bay retains its status as one of Florida’s most competitive rental markets, as per the findings.
Despite a 1.31% increase in the number of new apartments, the demand for rental properties in Tampa Bay remains exceptionally high, with an average of 11 prospective renters vying for each available vacancy.
Furthermore, Tampa Bay’s current occupancy rate stands at 94%, aligning with the national average. However, the fact that 63% of renters are opting to renew their leases is intensifying the pressure on the rental market in this vibrant Florida city.
Apartments in Tampa Bay are in high demand and typically get occupied within just 35 days, which is two days faster than the national average.
To gauge the rental market’s competitiveness, the website computed a rental competitiveness index. During the peak rental season, the national score averaged 60, indicating moderate competitiveness in the busiest renting period of the year.
Tampa Bay, however, stands out as a particularly competitive rental market, boasting an RCI (Rental Competitiveness Index) score of 75. This score is significantly higher than the national RCI of 60, underscoring the heightened demand for rental properties in the region.
For the complete report, please refer to this link.