Tampa Bay area rent increase outpaces rest of U.S.

BRANDON, Fla. - It is a double-edged sword: Great for landlords, but a bummer for tenants.

According to a new study by the CoStar Group, rents in Tampa Bay are increasing faster than anyplace else in the entire country, up 15.6% since January.

"I think they are kind of absurd, to be honest," Bailey Neer told FOX 13 as he was heading out of his complex in Brandon for a run.

He pays almost $1,700 a month for a two-bedroom.

"I wanted to be in Tampa, but it is almost double the price for less, honestly," he commented.

Skyrocketing rents are a countrywide trend. But Tampa Bay is a standout. The rapid rise in rents here is more than twice the national average of 7%.

"It is terrible; it is killing me," said Sean Anderson, who rents a three-bedroom house.

"I started my place at $1,200," he explained. "Now it is $1,400."

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There are several factors that work in the soaring cost of rent.

Rent is tied to the housing market. There are not a lot of homes up for sale right now, and the ones that are out there are pricier than usual. So a lot of people want to buy but can’t afford it, so they are renting. Experts also say that millennials who have been living with their parents or a roommate are jumping into the rental market now.

The demand for rentals is through the roof, and as a result, so are rents.

"It is unprecedented," offered Brian Alford of the CoStar Group. "We have never seen this kind of increase anywhere."

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