Tampa Bay’s Rental Market Heats Up Amid Rising Demand
Tampa Bay's rental market remains highly competitive, with an average of eight prospective renters vying for each available apartment, according to a recent RentCafe report. This surge in demand has tightened the housing market, making it increasingly challenging for renters to secure accommodations.
Despite apartment stock growing 1.5 times faster than the national average (1.28% vs. 0.75%)—significantly outpacing last year's 0.61% growth—tenant retention remains strong. Approximately 66.3% of renters chose to renew their leases, up 0.9% from the previous year. Nationally, lease renewal rates stood at 63.1%.
As of February 2025, the average rent in Tampa Bay is $2,036, with an average unit size of 927 square feet. This represents a 3% annual increase, driven by growing demand and limited supply.
Several factors contribute to this intensified competition. Tampa Bay’s strong economy, coupled with its appeal to hybrid workers seeking affordability and space, continues to attract new residents. While the national apartment occupancy rate holds steady at 93.3%, Tampa Bay’s rate dipped slightly from 93.5% to 92.9% year over year. Despite this, apartment hunters still face competition from seven other renters—mirroring last year’s conditions.
In response to these challenges, developers are exploring alternative housing solutions, particularly in the build-to-rent sector. This model, which focuses on single-family rental homes, has seen substantial growth in Tampa Bay. Nationally, a record 27,500 build-to-rent homes were completed, with Atlanta alone adding nearly 2,000 units.
For renters in Tampa Bay, the current market underscores the need for early planning and flexibility. With competition remaining high and rental rates continuing to rise, starting the housing search early and considering a range of options will be key to securing the right home.
