How to navigate Tampa Bay's tough rental market
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The summer apartment market is buzzing with fresh graduates and other newcomers hunting for their perfect, or perfect-enough, place, experts tell Axios.
State of play: Supply is struggling to meet demand in Tampa Bay's rental market, Tampa real estate agent Justin Ricke says.
- There is a critical shortage of affordable rental housing, Ricke says, while luxury apartment construction can't keep up with demand either.
Reality check: The Tampa-St. Petersburg metro area is one of the most rent-burdened in the U.S., per a new housing report from Moody's Analytics.
- Average rent is $1,638 a month.
- For low-income families, rent takes up 54.3% of their monthly budget. For median-income households, rent takes up 29.8% of their monthly budget.
Yes, but: It's still cheaper to rent than buy in the vast majority of the country. In Tampa, 78% of properties cost less to rent than to own, according to a Redfin report.
Zoom in: For renters with generous budgets searching in Tampa, Seminole Heights, Tampa Heights and Hyde Park are popular neighborhoods.
- For more budget-conscious folks, East Tampa, Ybor Heights, Sulfur Springs, South of Gandy might have more options, Ricke says.
- The further your move out from Tampa proper, the more affordable rent is. Ricke recommends looking in South St. Pete, Jungle Terrace and Kenwood.
The intrigue: Some renters are offering to pay more in rent each month in order to secure a lease, especially in Tampa proper, Ricke says.
The big picture: Location is a bigger draw for Gen Z than apartment size, says Doug Ressler of real estate research firm Yardi Matrix. Those renters' preferences are starting to shape development in big cities, like smaller floor plans and next-level amenities.
Be smart: Ricke has a few tips for renters navigating this difficult market.
- If you rent from a private landlord, ask about property conditions. When was the last time the A/C unit was serviced?
- Ask about the security deposit. How much is it? What condition does the property need to be in for me to get it back?
- Take your time. Ricke suggests starting your hunt at least three months before your target move-in date.
- Make sure you understand the pet policy. Are pets allowed? Will you need to pay pet rent?
The bottom line: Tampa Bay's housing shortage makes apartment hunting a challenge.