TAMPA, Fla. — After a few months of rent prices cooling off, they’ve started to go back up again.
According to Rent Group, an organization that specializes in rental property listings, recent data show prices have gone up in the past month.
“Data from the Rent Group's most recent rent report shows national rent averages sitting at $1,981. Nationally speaking, that’s up by 2.25% and it’s up by 1% from just last month,” said Kate Terhune, Director of Brand for Rent.
Tampa’s rates are above the national average.
“The average asking rent in Tampa is $2,157. That’s $176 more than the national average,” said Terhune.
Rental experts believe there are several factors contributing to the increase. One of the main ones is seasonality.
Typically, the spring marks the time of year when rent rates start to spike as more people look for a place to live.
Another reason we’re seeing this rise again is Tampa Bay’s ongoing growth.
“How many people are moving into the city? How highly desirable is the location? When we’re talking about Tampa, it’s a highly desired location. A lot of new jobs. A lot of new folks wanting to move to the area. So that’s going to keep rent prices higher than national averages,” said Terhune.
Economists said rent rates go hand in hand with recent elevated inflation, with housing being one of the biggest drivers.
“So food and housing—the inflation rates for those two specific items are still really high,” said Michael Snipes, Instructor of Economics at USF.
If you’re renting or looking for a place to rent, experts recommend talking to the leasing manager about negotiating a deal.
- Do your research. If a property in your area is going for less, use that information to ask for a lower rate to match it.
- If rent prices aren’t negotiable, check to see if you can get things like access to luxury amenities, free parking, or deals to nearby businesses.
“If you’re already in an apartment, I would show your property manager your payment history, anything you’ve done to improve property value. Whether you are a good neighbor, a good resident, those types of things can go a long way in terms of getting a better deal when you renew your lease,” said Terhune.