TAMPA, Florida — Is the rental housing market finally cooling down, even a little? Data suggests it actually might be, at least compared to last year.
According to a recent report from Apartment List, rent prices in the Tampa area are holding steady for now month-over-month and are actually down a bit — about 2.8 percent — when comparing year-over-year costs.
Apartment List says the overall median rent in Tampa is around $1,707.
When it comes to rent growth, Tampa ranks No. 54 among the Top 100 large U.S. cities, right at the nation's average of 0.3 percent. However, when it comes to how expensive rent in large U.S. cities is, Tampa climbs higher on the list — all the way to No. 27.
Across Tampa, the median rent for a 1-bedroom is $1,408 and $1,737 for a 2-bedroom apartment, Apartment List data shows. Across the entire rental market, the median rent is $1,707.
When compared to the United States, Tampa's average rent is 24.4 percent higher than the national median. For context, Apartment List says prices are similar to what you would find in North Las Vegas, Nevada, and Long Beach, California.
Expanding the analysis further, things look a little better across the Tampa metro area, at least compared to Tampa itself.
The median rent for the wider area drops a bit to $1,655. When looking at seven of the Tampa metro cities, Wesley Chapel has the most expensive average rent sitting at $2,112. The most affordable option in the metro area is Pinellas Park, where the median rent is around $1,368.
This analysis is consistent with a report from Zillow, which says the Tampa metro market is "cool" right now in terms of activity, showing perhaps a declining demand and availability of properties.