Nine renters compete for every one apartment in Tampa Bay
By Devonta Davis
Tampa Bay Business Journal
Published: Mar 23, 2023

Tampa Bay is one of the hardest places in Florida for renters to find a new unit, according to a recent report by the rental listing website RentCafe.

The report found that high home prices, tight housing supply and inflation have made Tampa Bay one of Florida’s most competitive rental markets at the start of 2023.

To compile the report, RentCafe analyzed the 134 largest markets in the U.S. where data was available. It looked at the most revealing metrics when it came to competition, including:

the number of days apartments were vacant

the percentage of apartments occupied by renters

the number of prospective renters competing for an apartment

the percentage of renters who renewed their leases

the share of new apartments completed

According to the data, one renter competes with eight other people to secure a lease in Tampa Bay. As a result, the market is so busy that apartments get filled in 40 days.

“As the new year began, vacant U.S. apartments were occupied within 38 days, on average, with eight prospective renters competing for each available apartment amid an occupancy rate of 94.2%. At the same time, 60.7% of apartment dwellers renewed their leases,” RentCafe stated.

This has made it harder for renters to find a new place to call home this time of the year.

In Tampa Bay, 65% of apartment dwellers chose to renew their leases, with 94.2% of Tampa Bay rental apartments occupied.

While the supply of new apartments in the Big Guava has been slightly increasing (0.68%) since the start of the year, the market has significantly fewer new units now compared to the beginning of 2022 (down 1.15%).

“Apartment construction dwindled in almost all markets compared to the start of 2022. Looking at the top 20 hottest rental markets in the U.S., only Milwaukee, WI, and Central New Jersey saw the pace of construction pick up as 2023 unfolded,” the report stated.

Overall, Tampa Bay is the 26th most competitive rental market in the nation and sixth in Florida, with Miami and Orlando ranking higher. This is in line with a report from last year which found despite the widely rising rent prices, the Tampa Bay area is still one of the top places in the nation to rent.