Why A USF Economist Says Tampa Rents Could Drop In 2022 & 2023
Why a USF economist says Tampa rents could drop in 2022 & 2023. It’s not just home buyers feeling the pain of high prices of real estate. Renters are having just as much of a rough go of it. Channel 8 reports rents in the Tampa area went up about 38% over the past year. But one local USF economist says there’s relief coming.
Chris Jones says the construction of apartment complexes all over Tampa Bay will eventually saturate the market. He thinks over the next two years that rents in Tampa will drop between 10 and 15 percent. That’s still higher than the pre-pandemic rents, but it’s good news at least that prices are going to level off.
The average apartment right now in the Tampa area is going for about $1,600 a month. The decrease he’s predicting will bring that number down to about $1,360 to $1,440. Not a giant drop, but for renters, it’s welcome news to hear that rental prices aren’t likely to keep going upward. [Source: Channel 8]
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