I’m not telling you anything new, but rent went up by a huge percentage again in 2021.
According to WFLA, an average apartment in Tampa now costs 22% more than it did last year. This is following a 21% increase last year.
Apartment rental prices in the Tampa Bay area are up 21.7% THIS YEAR ALONE. Florida’s minimum wage is $8.65; more than half of those who work minimum wage jobs are adults over the age of 25 https://t.co/jPYb7L93RP— Timothy Burke (@bubbaprog) September 8, 2021
A major reason is the influx of residents from other states. As new homes and apartments are built, they can’t keep up with demand, leaving the demand unfilled.
Also, real estate data shows no signs of the trend stopping anytime soon. To add to the problem for renters, home prices are rising almost daily, placing ownership beyond their reach.