Sep 10, 2024 - News
Tampa Bay rents dip slightly amid national surge of new apartments
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The average asking rent in Tampa Bay is down almost 2% from last year and up over 30% from the end of 2019, according to CoStar Group data.
The big picture: A surge in new apartments is helping to ease rent hikes across the country. But the national average rent remains 19% higher than pre-pandemic levels, the data shows.
As the market cools nationally, more property managers are offering renters sweeteners such as free weeks of rent or free parking, per a recent Zillow report.
- 42% of Tampa Bay's rental listings on the platform offered a concession in July, up 13 percentage points from a year earlier.
- Analysts at Moody's say concessions are perched at the highest level on record.
What's next: Landlords could raise rents as construction slows and people postpone home purchases.