Landlord Tips & Tricks

August 1, 2024

What's The Average Rent In Tampa, FL

Zoe Harper

Marketing

Thinking of moving to Tampa, FL? It's important to know about rent here. The average rent in Tampa is about $1,920 every month¹. This gives you an idea of what you might spend on housing in the city¹. In the heart of the city, downtown Tampa, rent goes up to $2,700 monthly¹. But in places like Lowry Park and Sulphur Springs, things are more affordable. Here, rent is around $1,465 a month¹.

We're going to dive deep into Tampa's rental world in this article. You'll get a full picture of the cost differences across Tampa. For those looking to rent or rent out a place, this info is gold. Thanks to Eaton Realty, we have great advice. They offer wisdom on finding or setting competitive rents in Tampa Bay.

Key Takeaways

The average rent in Tampa, FL, hovers at $1,920 per month¹.
Downtown Tampa's rent is much higher, at an average of $2,700 monthly¹.
For those on a tighter budget, Lowry Park and Sulphur Springs have rentals at $1,465 per month¹.
The median rent in Tampa stands at about $2,199 every month¹.
Getting to know the different rental areas in Tampa helps renters and landlords make smart choices.

Introduction to Tampa’s Housing Market

Tampa's housing market combines affordability with great investment opportunities. The recent data shows home sales in Tampa increased by 5.5% from last year². This indicates a growing market. Also, the median sale price of homes is now $417,800, rising by 4.5%².

There's a big jump in available homes, with inventory levels up 67.2% from last year². At the same time, April 2023 saw a 32.9% increase in new home listings². With the average sale price at $537,216, which is up by 7.6%, Tampa's housing sector looks strong².

The rental market in Tampa is also booming. Rental prices went up by 4.2% in 2015³. In 2022, there was a huge 38.1% increase in rental prices³. Despite a slight dip during the Great Recession, the market has remained steady³.

More than 3.5 million people live in Tampa. A big part of them are young adults, aged 25-44². They mostly rent, which keeps the rental market healthy. This trend is something investors can benefit from, especially with recent increases in 2021 and 2022³.

Tampa's real estate has appreciated by 185.12% over ten years². On average, properties have gained 11.05% in value each year². Looking ahead, a 0.1% increase is expected by May 2024, with growth reaching 1.4% in 2025². These figures show Tampa has great potential for long-term investment.

The economic situation in Tampa adds to its appeal. The unemployment rate is projected at 3.60% by May 2024, well below the 5.83% average². A strong job market supports the demand for housing here.

These insights are useful for anyone looking at Tampa's housing market. For deeper analysis, RealWealth gives a comprehensive look at Tampa’s real estate².

Factors Influencing Rent Prices in Tampa

To figure out what makes rent prices in Tampa move, we look at the big picture. This includes economy stuff and where places are located. All of these elements mix to change how much you pay for rent, affecting both the city's overall economy and what you pay in different neighborhoods.

Economic Factors

What happens in the economy plays a big role in rent prices. Things like inflation and interest rates are key. When inflation goes up, rent tends to go up too. Interest rates can make borrowing money for building houses more expensive or cheaper. For example, Tampa's rent went up by 4.3% in just one year⁴. Over two years, from 2020 to 2022, the average rent jumped from $1,460 to $2,089 a month⁴. It's important for people who rent to keep an eye on these big-picture economy trends. They can really affect how much you need to budget for rent.

Location-Based is Factors

Where you choose to live in Tampa can make a big difference in rent. Downtown Tampa has higher rent because it's close to work and fun places. But places like Lowry Park and Sulphur Springs are easier on your wallet. The median house rent in Tampa is $2,200, which is $150 less than it was in June 2023⁵. Comparing that, Riverview's average rent is $2,342, showing how rent can change a lot depending on the area⁵. Some Florida cities have tried to keep rents from going too high with special rules, but Tampa hasn't done that yet⁶. This shows how much the area you pick can affect your rent, depending on what you can pay and how you like to live.

The way economy stuff and the location of your home work together makes Tampa's rent prices pretty complex. It's all about how the economy's doing and where in Tampa you want to be. This mix makes each neighborhood different in how much rent costs, showing the big picture of Tampa's rental market.

General Cost of Living in Tampa

Tampa balances affordability with a good life, but it's about 4% pricier than other U.S. cities⁷. Residents might spend about $4,711 monthly or $56,532 annually. This covers Tampa's key living costs⁷.

Comparison with National Average

Comparing costs, Tampa has both lower and slightly higher expenses than the U.S. average. Home prices here are at $231,800, cheaper than in Miami or Orlando⁷. For rent, a one-bedroom apartment averages $1,364 monthly in Tampa⁷, above the nation's middle.

Breakdown of Essential Expenses

Let's dive into Tampa's key spending areas:

Housing: A one-bedroom downtown costs about $1,974.08 monthly, with a $1,600 to $2,550 range⁸. A three-bedroom's average rent is $3,587.50⁸.
Groceries: An individual spends roughly $3,351 a year on food. A family of four might spend around $9,856⁷.
Healthcare: Healthcare costs $2,871 annually for one person. For a family of four, it's about $9,758⁷.
Transportation: Bus fares can range from free to $3. There are many plans for different needs⁷.
Utilities: Utility bills are moderate, adding to overall costs in Tampa.
Education: Child care and school fees also add up each month for families.

In summary, Tampa's essential costs offer affordability in some areas. This makes it appealing despite being slightly pricier than the average U.S. city⁷.

Average Rent By Apartment Type in Tampa

In Tampa, FL, you'll find many different kinds of apartments for rent. Whether you're looking for a cozy studio or a large three-bedroom apartment, there's something for everyone. Knowing about the rents for studios, one-bedroom, two-bedroom, and three-bedroom apartments helps understand the local market.

Studio Apartments

Studio apartments in Tampa are usually $1,469 a month and give you 499 square feet¹. They are popular because they're affordable and efficient. They're perfect for people who want to live near the city's attractions without spending too much.

One-Bedroom Apartments

The average rent for a one-bedroom apartment in Tampa has gone up slightly to $1,539⁹. On average, you would pay about $1,585 each month for a one-bedroom¹. These apartments offer a good mix of price and privacy, with separate areas for living and sleeping.

Two-Bedroom Apartments

Two-bedroom apartments in Tampa saw a 1.2% increase in rent, reaching $1,850 in July⁹. The typical rent is about $1,939 a month for around 1,060 square feet¹. This size is great for small families or friends sharing a place, balancing cost and space.

Three-Bedroom Apartments

For those needing more room, three-bedroom apartments in Tampa cost, on average, $2,368 a month¹. With about 1,354 square feet, these apartments are ideal for families or anyone who needs an office or guest room at home.

Most Expensive Neighborhoods for Renting in Tampa

Looking for luxury rentals in Tampa? Several neighborhoods stand out for their top locations and fancy features. Historic Hyde Park North leads the list, setting the average rent for a one-bedroom at $2,825 per month¹⁰. Right behind is Hyde Park, with a typical one-bedroom going for about $2,600¹⁰.

Downtown Tampa is also a top choice. Here, expect to pay around $2,455 for a one-bedroom each month¹⁰. This area is lively, offering lots of food, fun, and cultural spots. Uptown Tampa also has an average rent of $2,455 for a one-bedroom, making it an in-demand place for luxury living¹⁰.

Harbour Island offers a more exclusive vibe, with high-end homes averaging a $2,453 one-bedroom rent¹⁰. It's peaceful and by the water, yet still close to downtown. The Channel District, another top area, has an average rent of $2,415 for a one-bedroom, attracting those looking for premium living¹⁰.

Other notable neighborhoods include Southeast and Northeast Tampa. Both are in the luxury rental market. Southeast Tampa matches Harbour Island's average with $2,453 for a one-bedroom. Northeast Tampa's average is a bit less, at $2,302¹⁰. Both offer modern living and easy access to amenities, making them highly desired locations.

For deeper insights into Tampa's priciest neighborhoods for renters, click here ¹.

Most Affordable Neighborhoods for Renting in Tampa

Looking for a place to rent in Tampa without breaking the bank? Check out Lowry Park and Sulphur Springs. These areas have rentals at an average of $1,465 a month. This makes them great options for those needing affordable housing¹. Also, University Square, Temple Crest, and the 40th Street Corridor offer cheaper one-bedroom apartments than the Tampa average¹¹. You can find a one-bedroom place in North Tampa for around $1,000 monthly¹¹.

Don’t overlook other areas like Wellswood, Tampa Heights, and North Hyde Park for affordable living. A studio in Wellswood goes for about $1,225, while Tampa Heights studios are around $1,275 a month¹¹. These neighborhoods are perfect for those who want low-cost options without sacrificing great location benefits. The different rental costs show Tampa's wide range of affordable living spots.

For more info on affordable living in Tampa, check this detailed guide on affordable neighborhoods in Tampa ¹. Understanding the variety in rental rates is key to finding the right area. It helps to pick the best place that fits your budget and needs.

Comparing Average and Median Rent in Tampa

Getting to know rental price metrics in Tampa helps renters make smart choices. You'll mainly see two figures: average rent and median rent.

Understanding Average Rent

The average rent involves adding up all rental prices and dividing by the number of units. In Tampa, the average rent is $1,920 a month. This takes into account all apartment types¹. Including luxury and affordable areas affects this number. For instance, downtown luxury places might be over $2,700, while areas like Lowry Park are around $1,465¹. The average rent gives a broad idea of what you might spend.

Understanding Median Rent

Median rent is the middle price of all rentals. Half of the rentals cost more, and half cost less. In Tampa, this price is $2,199 monthly¹. Unlike average rent, median rent isn't swayed much by very expensive or cheap units. It shows a clear cost picture for most renters.

Choosing between average and median rent in Tampa needs careful thought. Average rent shows the big market picture. Median rent shows what's typical. Both are important reference points for knowing the market and managing your budget¹.

Salary Needed to Afford Rent in Tampa

Renting in Tampa is getting harder with higher prices. Knowing the income needed to rent comfortably is key. The 30% rule gives a clear picture of the required salary for living well.

Applying the 30% Rule

The 30% rule means only spending that fraction of income on rent. For Tampa's average rent of $2,100 a month, you'd need to make about $85,000 a year¹. This shows you need a good income to afford rent in Tampa. Remember this rule when planning your budget to stay financially healthy.

Considering Additional Expenses

But rent isn't the only cost. There's also utilities, food, getting around, and health care. These extra expenses can heavily influence your budget. It's vital to count these in to truly understand Tampa's rent scene. A study places Tampa 18th in the U.S. for rental cost, showing the big picture of financial planning¹.

Include these additional costs for a realistic budget plan. Looking at both the 30% rule and extra expenses helps you better face Tampa's housing market challenges.

Conclusion

In Tampa, renting a one-bedroom can cost about $1,000 a month. For two bedrooms, it's around $1,300¹². This shows that rent is going up, just like it is all over the state. In fact, rent has shot up by 30% across Florida¹³. This makes it very important for people who want to rent or buy in Tampa to really understand the market.

Buying a house in Tampa is also competitive, with prices around $220,000¹². While living costs may be a bit high, health care, getting around, and groceries are cheaper than many places. Plus, Florida has no state income tax. This makes Tampa a good choice for many.

Eaton Realty knows a lot about Tampa’s real estate. They help people make sense of the numbers and the real-world sides of living there. Knowing about Tampa’s rental and home-buying market is crucial. It helps people make smart choices when moving to this lively city in Florida.

FAQ

What's the average rent in Tampa, FL?

The average rent in Tampa stands at $1,920 each month. This number is important for making decisions about housing in the area.

What are the key trends in Tampa’s housing market?

Tampa's housing is both affordable and active. It draws renters and investors. Factors like inflation and increasing interest rates are current trends.

How do economic factors influence rent prices in Tampa?

In Tampa, things like inflation and rising interest rates greatly affect rent prices. They change how much housing people can afford and need.

Which neighborhoods in Tampa affect rental pricing the most?

In Tampa, where you live really matters for rent costs. Downtown spots like Downtown Tampa and Harbour Island are pricier.

Places like Lowry Park and Sulphur Springs are easier on your wallet.

How does the cost of living in Tampa compare to the national average?

Living in Tampa generally costs a bit less than elsewhere in the U.S. It covers everything from what you buy to health care and where you live.

What is the average rent for different apartment types in Tampa?

In Tampa, average rents differ by apartment type: - Studio apartments: Prices vary. - One-bedroom apartments: Prices vary.- Two-bedroom apartments: Prices vary.- Three-bedroom apartments: Prices vary.