TAMPA, Fla. (WFLA) — Multiple studies on the rising rent costs confirm what residents in Tampa Bay already know: the rent is too high, much higher than other major cities in the United States. The surprising part is which cities Tampa beat in the rising rental race.
According to ApartmentList.com, Tampa’s rent increased 34.5 percent over the 12 months leading into November 2021. The rising cost to rent in Tampa was higher than the increase in the state of Florida, which was already pretty high at a 27.9 percent increase.
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The rent price increases have continually surpassed inflation, which while at historic highs, has not risen above 8 percent even during the pandemic.
“The city’s rents have been increasing for 16 straight months – the last time rents declined was in June of last year,” the report said.
To put that in perspective, national rent prices averaged out to a 15.8 percent increase in the same period of time.
Another study from Zumper, an online rental listing company, found that rising rental costs are getting “dramatic,” especially in 2021. That increase is on a monthly basis, not just yearly.
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“In 2021, rent has been rising considerably more than it did in all of 2019 and 2020 combined on a monthly basis. From June to September, the month-over-month rise in rent ranged between 1.6 and 2.2 percent,” Zumper reported.
Across the U.S., rent is going up everywhere, but the Zumper study found that Florida’s cities, particularly Tampa and St. Petersburg, were leading the way when it comes to “experiencing rapid rent growth.”
Now, in “Zumper’s November ranking, St. Petersburg 20th has actually passed Tampa 24th.” Even Fort Lauderdale is high, ranked at No. 10 for the rankings of highest rental costs, with the price of renting a one-bedroom apartment at $1,920.
To rent a one-bedroom apartment, St. Petersburg is averaging $1,620 according to the Zumper list, and Tampa’s average is reported at $1,550.
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Chicago is only at $1,520.
The Zumper study ranked the 100 most populated cities in America according to their monthly rent prices. Of little surprise, New York City is the most expensive market in the country. Still, Tampa and St. Pete’s skyrocketing prices have put them among the highest increases in the country. Four Florida cities are among the top seven most increased rent pricing in the country.
Miami saw the highest increase across the U.S., while St. Petersburg is ranked at third, Tampa in fifth, and Orlando seventh. Compared to last year, Zumper had “Tampa ranked 36th with St. Petersburg at 46th.”
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In the list, Tampa and St. Petersburg are priced above Chicago, Ill.; Philadelphia, Penn.; Austin, Texas and even Baltimore, Md.
As rent prices continue to rise, seemingly unabated, wages are not keeping up, even with improved hourly pay for many workers and a higher minimum wage in Florida than most of the U.S.