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Tampa Rent Report: May 2023
Welcome to the Apartment List May 2023 Rent Report for Tampa, FL. Currently, the overall median rent in the city stands at $1,702, roughly the same as last month. Prices remain down 0.3% year-over-year. Read on to learn more about what’s been happening in the Tampa rental market and how it compares to trends throughout the broader Tampa metro area and the nation as a whole.
Tampa Rental Stats
Median Rent
1 bed
$1,404
2 bed
$1,732
Rent Growth
Past month
+0.2%
Past year
-0.3%
Tampa rents are flat month-over-month and flat year-over-year
The median rent in Tampa rose by 0.2% over the course of April, and has now decreased by a total of 0.3% over the past 12 months. Tampa’s rent growth over the past year has is similar to the state average (0.7%) but has fallen below the national average (1.7%).AprMayJunJulAugSepOctNovDecJanFebMarApr-2 %-1 %0 %+1 %+2 %+3 %+4 %+5 %% Rent GrowthTampa Rent Growth Over Past 12 MonthsUS: +1.7%Florida: +0.7%Tampa: −0.3%
Tampa rent growth in 2023 pacing below last year
Four months into the year, rents in Tampa have risen 1.1%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2022 rents had increased 2.2%.JanFebMarAprMayJunJulAugSepOctNovDec-5 %0 %+5 %+10 %+15 %+20 %+25 %+30 %+35 %Annual Change in Median RentTampa, FL: 2019 – Present% Rent growth since January2021: +30.9%2019: +3.5%2020: +2.8%2023: YTD +1.1%2022: +1.1%
April rent growth in Tampa ranked #64 among large U.S. cities
Tampa rents went up 0.2% in the past month, compared to the national rate of 0.5%. Among the nation’s 100 largest cities, this ranks #64. Similar monthly rent growth took place in San Francisco, CA (0.2%) and Arlington, TX (0.2%).
Month-over-Month Rent Growth Among 100 Largest Cities In the U.S.
-2 %-1 %0 %+1 %+2 %#64. Tampa, FL (0.2%)US Average (0.5%)#1. New York City, NY (1.9%)#100. New Orleans, LA (-1.1%)
Tampa is the #25 most expensive large city in the U.S., with a median rent of $1,702
Citywide, the median rent currently stands at $1,404 for a 1-bedroom apartment and $1,732 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,702. That ranks #25 in the nation, among the country’s 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,162 for a 1-bedroom, $1,332 for a 2-bedroom, and $1,355 overall. The median rent in Tampa is 25.6% higher than the national, and is similar to the prices you would find in Chandler, AZ ($1,766) and Seattle, WA ($1,693).
Median Overall Rent Among 100 Largest Cities In the U.S.
#25. Tampa, FL ($1,702)
US Average ($1,355)
#1. Irvine, CA ($3,028)
#100. Cleveland, OH ($796)
Tampa rents are 3.3% higher than the metro-wide median
If we expand our view to the wider Tampa metro area, the median rent is $1,647 meaning that the median price in Tampa proper ($1,702) is 3.3% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -0.9%, below the rate of rent growth within just the city.
The table below shows the latest rent stats for 9 cities in the Tampa metro area that are included in our database. Among them, Wesley Chapel is currently the most expensive, with a median rent of $2,082. Largo is the metro’s most affordable city, with a median rent of $1,517. The metro’s fastest annual rent growth is occurring in Largo (0.7%) while the slowest is in Wesley Chapel (-4.8%).
City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
$1,459
$1,756
0.2%
-4.2%
$1,309
$1,747
0.4%
-0.9%
$1,312
$1,769
1.3%
-2.0%
$1,328
$1,604
-0.7%
0.7%
$1,615
$1,821
0.1%
-3.4%
$1,346
$1,712
0.3%
-1.3%
$1,404
$1,732
0.2%
-0.3%
$1,549
$1,986
0.6%
-1.9%
$1,645
$1,990
0.4%
-4.8%
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