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With the Tampa Bay inhabitants at over 3 million and extra folks anticipated to maneuver to right here, housing demand is at an all-time excessive. Extra residences are being constructed within the bay space, however most are being marketed as luxurious items, whereas cheaper items are typically those with decrease emptiness charges, based on business actual property information firm CoStar.
Utilizing information from CoStar, we addressed some questions that each new and seasoned renters might have as they’re trying to find an condo domestically.
The asking hire costs in Tampa Bay elevated by 25% in 2021, however have settled to a extra average fee over the past 12 months, based on CoStar. The expansion fee for hire is predicted to proceed rising over time at a gradual tempo.
Seeing low emptiness charges for lengthy durations of time is uncommon; nevertheless, demand isn’t anticipated to lower anytime quickly, a report from CoStar says.
Development tasks for brand spanking new condo buildings are occurring throughout Tampa Bay. These tasks are anticipated to produce 1000’s of extra items, however they wouldn’t resolve points associated to the necessity for reasonably priced housing as a result of lots of the buildings are being marketed as luxurious residences.
Proper now folks dealing with elevated rents paired with inflation prices are being priced out of their residences. Officers in each St. Petersburg and Tampa have been discussing potential hire management measures.
In the event you need assistance discovering housing or are struggling to seek out housing you possibly can afford, try our listing of monetary and authorized assets.