TAMPA, Florida. – Rent in the Tampa Bay area increased by 20% over last year, making the region one of the top five metro stations for the highest performance. rent increases in the country, according to data analyzed by Dr. Lay Wedge, an assistant professor of finance at the University of South Florida specializing in real estate.
“Every day, a thousand people move to Florida, and of these, about 115 move to Tampa every day,” said Dr. Wedge. “All these people are moving from New York, moving from Washington, moving from Connecticut, moving from Chicago, they are from expensive areas, even from California, to them, prices are low in Florida.”
Whether they are home buyers or renters, they move here with a lot of money to spend, which drives up prices.
“I can say that in just eight months of this year, I have had more clients from California than in the previous 18 years,” said Jason Peters, partner at Coldwell Banker Realtors.
He says there is also a high demand for single family home rentals.
“Many families are moving to us, and indeed there are very few high-quality single-family houses for rent, I now have several clients who have been looking for something really high-quality for a long time, and there is nothing there, people just sell their property, and do not remain permanent homeowner, ”Peters said.
Experts say the rental price is determined by the market, so the landlord or leasing company can charge whatever they want. Realtors expect the market to level out by next spring, but that doesn’t mean prices will fall.