TAMPA, Fla. — Rent isn't necessarily cheap in the Tampa Bay area, but at least new renters saw lower rates in April.
That's according to a report published Friday from Redfin. Tampa was one of the top 10 metro areas that saw a significant decline in rent across the United States.
The average rent for April in Seattle saw the biggest drop in the country. However, Redfin's study showed most of the largest rent decreases happened in the "Sun Belt" — a region in the U.S. that stretches across the Southeast and Southwest. Four Florida metro areas — Tampa, Miami, Orlando and Jacksonville made the list.
Overall, the average rent in Tampa fell by 4.3% in April.
According to Rent.com, the whole state of Florida saw a nearly 9% decline year-over-year in March — the largest in the U.S. for that time frame.
Still, rent overall has steadily risen over the last five years, Realtor.com data shows. Regardless of apartment type, rent has risen 22.2%. The largest five-year rent increase affected two-bedroom apartments at just over 24%.
Zillow reports the average rent in the Tampa market sits at $2,150, with obvious variations between number of bedrooms and space.
Realtor.com pointed out that rental markets in the South have seen lower rates in general. Coinciding with that — unemployment in the region in February was at 3.4%. This, according to Realtor.com, signals a "robust labor market and strong rental demand."
Moreover, the growth seen in Southern states such as Florida has contributed to the downturn in rent prices due to the increased number of housing units built between March 2023 and March 2024.
There could also be some good news for potential homebuyers in the Tampa Bay area. A separate report from Redfin showed home prices are becoming more stagnant due to increasing housing supply. The Sunshine State's West Coast in particular, plagued by the ongoing housing insurance crisis, saw these changes.
