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Tampa is 3rd Most Overvalued Rental Market In U.S. According To New Study

By Ted Kamikaze
Fortunately Midtown Tampa is open for business. But analysts say the only solution to bring rents down is to build more housing.

Are rents in Tampa Bay too high? You bet, according to a new study by three universities. Tampa came in 3rd in the list of overpriced rental markets in the U.S. behind two other Florida cities. Since you live here, it’s probably not surprising all of the markets in the top are all in Florida. Zooming out, the Sunshine State had 10 of the markets in the top 25.

The survey results figured in the cost of rent versus what it SHOULD be. Researchers from the study say the premiums we pay in Florida probably won’t change much until more units are built.

  • 25. Boise, Idaho

    Idaho’s largest and capital city rents are about $1,777 a month. It’s one of the only cities on this list where it ever gets cold.

  • 24. Augusta, Georgia

    Like to golf? You’re going to pay extra to live near that famous course.  The average rent of $1,326 is about 11% over what it should be according to their data.

  • 23. Memphis

    Living near Elvis, you’ll pay a premium.

  • 22. Austin, Texas

    With the average rent just over $1,800, you’ll pay a little extra to live in one of Texas’ most popular cities.

  • 21. Greensboro, North Carolina

    Rents here are about 12% overvalued according to the study.

  • 20. Allentown, PA

    We’re waiting here in Allentown… for rent to drop.

  • 19. Melbourne, Florida

    The first of many appearances Florida will make on this list.

  • 18. Riverside, California

    It’s the area about 50 miles southeast of Los Angeles.

  • 17. Las Vegas

    Just play a little blackjack and maybe you’ll win enough to cover the extra rent you’re paying.

  • 16. Orlando

    I’m kind of surprised Orlando didn’t come in higher on the survey.  Renters there are paying about $1,951 monthly right now.

  • 15. New Orleans

    Mardi Gras life is expensive.  Too expensive, by about 13% according to the study.

  • 14. Albuquerque, New Mexico

    Maybe they’ll cut you a deal if you can properly spell it. I know I had to use Google.

  • 13. Jacksonville

    Just like Orlando, I’m surprised this didn’t hit the top 10.  Ask anyone who’s tried to find a place in Jacksonville right now.  It’s nearly impossible.  Many are on several waiting lists and rents reflect the demand.  Average rent is about $1724 according to their research.

  • 12. Daytona Beach

    Told you Florida would be well represented.

  • 11. Tucson, Arizona

    People are leaving the cold weather in the north.  Notice how Idaho is one of the only cities on this list in the north?

  • 10. Knoxville, TN

    It’s not just rent.  Just spending a night is expensive. Hotels are surprisingly pricy here too.  A basic 3 star hotel averages about $242 a night according to Google.

  • 9. Phoenix

    Another warmer climate city on the list.  Seeing the trend?  Living in the cold sucks! (I know personally, thus why I moved to Florida!)

  • 8. Lakeland

    Polk County is represented on the list with rents averaging just over $1,800 a month – over 14% overpriced according to the survey researchers.

  • 7. Bakersfield, California

    Trying to find a cheaper place to live outside LA is proving to be more of a challenge.

  • 6. Killeen, TX

    To be honest, I’d never heard of Killeen. It’s home to the Fort Hood military base. 

  • 5. Port St. Lucie

    It’s all Florida cities from here on in.  Rents here average $2,200 a month! Survey research says that price should be closer to $1,900.

  • 4. Sarasota/Bradenton, FL

    With rents averaging just over $2400 a month, renters are overpaying by about 17% according to the study.

  • 3. Tampa

    If you want to be Tom Brady’s neighbor, you’re going to pay for it.  Our rents are averaging $2,029 according to their data.  They say we SHOULD be paying about $1,732, meaning the Tampa rental market is 17% overpriced.

  • 2. Fort Myers

    Our neighbors to the south are pinching pennies too.  Their rents are about 18% overvalued.

  • 1. Miami / Fort Lauderdale

    No surprise here.  Not only is this the most overvalued market by almost 22%, they also have the highest average cost of rent in the survey.  Renters here are paying an average $2,832 a month!  Their research indicates that the NORMAL price should be about $2,326.

[Source: FAU]

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