Wealthy Renters Are Transforming Tampa Bay’s Housing Market

Since 2019, nearly three-quarters of the most populous U.S. metropolitan areas have seen wealthy renters occupy a more significant share of the rental market. Tampa Bay is no exception, as affluent individuals increasingly opt for leasing over homeownership due to soaring home prices and shifting economic conditions.

“Many affluent Americans are choosing leases over mortgages because the cost of buying a home has jumped significantly more than the cost of renting one in recent years,” said Redfin Senior Economist Elijah de la Campa. “With mortgage rates near 7%, renting frees up cash for other investments that may be more lucrative than real estate.”