The Merge Group™
New Stats: Tampa Bay Rents Are Skyrocketing
According to a new study conducted by Apartment Guide, rent in the Tampa Bay area is skyrocketing. If you're renting an apartment in the area, you may have already known that.
But did you know that out of 100 cities across the country, Apartment Guide found Saint Petersburg to be the fourth highest city for rent hikes?
The price of a one bedroom apartment shot up 20% from 2018 to 2019, with the average rent for a one bedroom sitting at $1,545. Tampa jumped 12%. Smaller living spaces weren't spared of the price surges either. An average studio in Tampa increased 13.4% and in Saint Petersburg - a whopping 28.5%.
Rent surges are leaving more and more local renters in a tough place. Luckily,there's hope. According to Zillow, the median price of Saint Petersburg homes currently on the market is $277,250. A homeowner at that price could expect to pay around $1,300 on a monthly mortgage that, unlike rent, will never increase on a whim. More impressively, home values in Saint Petersburg have risen 4.7% last year and 3.9% in Tampa.
Don't get caught up in the rent surge. We can help you break up with your landlord and buy a home you can afford and we'll fight for you to save as much money as possible along the way.