Relief in sight for some Tampa Bay area renters, but may not last

CARROLLWOOD, Fla. - Isaiah Wright is a medical assistant who lives in Carrollwood and is barely making ends meet.

"I wouldn't say hopeless, but it is hard though," Wright said. 

Every month, he watches more than half his income go towards rent, which Realtor.com said is only slightly below the Tampa median rent of $1,720. And his struggles are even after Tampa's median rent has fallen by 4% year over year, from $1,790 last September. 

READ: Hillsborough County budget dedicating less money to affordable housing

That summer, the Tampa-St. Pete-Clearwater market hit a median high of $1,906.

"I do think rents are going to remain relatively high and so households are going to have to figure out how to get creative in their budgets to make that work," said Danielle Hale, the chief economist at Realtor.com.

She said the relief is thanks to an increase in multi-family homes being built. But, the persistent pain is thanks to a lack of affordable homes for families looking to buy their own place. 

With rental units being built in downtown areas, those are still easier to afford than a new home. More than 4,000 were built in the Tampa Bay area in 2020, and more than 8,800 are coming this year. 

MORE: Tampa City Council approves $12 million for affordable housing in new budget

"We've got a record level of apartments that are under construction right now and that are starting to hit the market," said Hale. "And so starting to take some of that pressure off. But we haven't seen a big drop from these high price levels."

The numbers also show the Tampa Bay area can no longer be considered an affordable place for a renter, with the $1,720 monthly median only $27 off of the national number of $1,747. 

"I feel like everybody has to go ahead and get a second job now," said Wright. "It's not really possible to live on just one."