Will Rent Go Down In Tampa FL or Tampa Bay?

In parts of Tampa rent will go down. The rental prices for housing units in the more desirable parts of the Tampa Bay market will always be high. At least higher than the average rent that you will see in northeast Tampa Bay which includes northeast Tampa FL.

Tampa FL

Rental Prices & The Affordable Housing Crisis

Rental prices north of Interstate 4 and east of Ybor City go down considerably. Rent prices in South Tampa and the average rent prices on Davis Islands cost far more than the average Tampa residents can afford. We recently leased a townhome for a client, nearly $6000 per month in Hyde Park which is just west of Downtown Tampa. Maybe better public transportation would help the city.

Tampa Rents In Apartments Are Also High

Inflation, lack of new construction definitely affect the rent of apartments and condo units. There is just not anywhere left to build them in the more desirable locations. We do believe that as interest rates stay high, and possibly even go up more people will be placing their homes up for rent. Then via supply and demand that will drive prices downward. But, will that be offset by inflation? Will wage growth increase? Time will tell.