Tampa Bay’s rent rising faster than any other metro area this year
Tampa Bay’s average asking rent rose 15.6 percent in the first half of 2021, according to data from CoStar Group, a national real estate data company.
The increase means that on January 1, the average asking rent for a one-bedroom, one-bathroom unit was $1.41 per square foot. By June 30, it hit $1.63. The analysis includes Pinellas, Hillsborough, Pasco and Hernando counties.
But what about all those cranes around Tampa Bay, building apartment complexes seemingly everywhere? CoStar data shows that Tampa Bay is, in fact, seeing its greatest increase in supply in two decades, with 5600 new rental units delivered last year. This year’s pace is on track to be even higher. But demand is so strong that it’s absorbing all of it and more — the region still has a vacancy rate at about 4.9 percent, the first time it’s ever dipped below 5 percent since CoStar started tracking in the 90s
