TAMPA, Fla. (WFLA) – Numerous studies of rising rents confirm what Tampa Bay residents already know: The rent is too high, much higher than in other major cities in the United States. Surprisingly, these are the cities that Tampa has beaten in the race for rising rentals.
According to ApartmentList.com, Tampa’s rent increased 34.5% in the 12 months leading up to November 2021. The rental cost increase in Tampa was greater than the increase in the state of Florida, which was already quite high with a increase of 27.9%.
Rent price increases have continually outpaced inflation, which, although reaching historic highs, did not exceed 8%, even during the pandemic.
“The city’s rents have risen for 16 consecutive months – the last rent drop was in June of last year,” the report said.
To put this in perspective, domestic rental prices have increased by an average of 15.8% over the same period.
Another study by Zumper, an online rental ads company, found that rising rental costs are become “dramatic”, especially in 2021. This increase is monthly, not just annually.
“In 2021, rents have increased considerably more than in 2019 and 2020 combined on a monthly basis. From June to September, the month-over-month rental increase was between 1.6% and 2.2%, ”Zumper reported.
In the United States, rents are rising everywhere, but Zumper’s study found that Florida cities, particularly Tampa and St. Petersburg, are leading the way when it comes to “experiencing rapid rental growth.” .
Now in Zumper’s “November ranking, St. Petersburg’s 20th has actually passed Tampa’s 24th.” Even Fort Lauderdale is high, ranked No. 10 for the highest rental cost ranking, with the price of renting a one-bedroom apartment at $ 1,920.
To rent a one-bedroom apartment, St. Petersburg costs an average of $ 1,620 according to the Zumper listing, and the Tampa average is $ 1,550.
Chicago is only $ 1,520.
The Zumper Study ranked America’s 100 most populous cities based on their monthly rents. Not surprisingly, New York City is the most expensive market in the country. Still, skyrocketing prices in Tampa and St. Pete put them among the biggest increases in the country. Four cities in Florida are among the seven cities with the highest rents in the country.
Miami saw the largest increase in the United States, while St. Petersburg is ranked third, Tampa fifth, and Orlando seventh. Compared to last year, Zumper had “Tampa ranked 36th and St. Petersburg 46th”.
In the list, prices in Tampa and St. Petersburg are higher than Chicago, Illinois; Philadelphia, Pennsylvania; Austin, Texas and even Baltimore, Maryland.
As rent prices continue to rise, seemingly relentlessly, wages do not keep pace, even with improved hourly wages for many workers and higher minimum wages in Florida than in most of the United States.