Tampa rent finally drops, but locals still pay 35% more than before the pandemic

TAMPA - Renters across the Tampa-St. Petersburg-Clearwater area are finally seeing some relief, but it’s limited. A new report from Realtor.com shows the median asking rent fell to $1,675 in February. That’s down 3.7% compared to the same time last year.

The drop follows a broader national trend. Across the country, rents have now declined for 30 straight months, bringing the U.S. median to $1,667, the lowest level since March 2022.

By the numbers:

Even with the recent dip, rent in the Tampa area remains 34.75% higher than pre-pandemic levels. Prices surged during the housing boom in 2021 and 2022, and they haven’t returned anywhere close to where they were before. 

At their peak in mid-2022, rents were even higher than they are now. Today’s prices sit about 7.9% below that peak— roughly $144 less per month.

That means many renters are still paying significantly more than they were just a few years ago.

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Dig deeper:

Experts point to an increase in apartment construction and a better balance between supply and demand, especially in fast-growing Sun Belt markets like Florida.

That’s helping push prices down— at least for now. Realtor.com Chief Economist Danielle Hale says renters are finally starting to see some benefit. "The persistent softness we're seeing is increasingly translating into real savings for renters who, for a long time, felt the market was out of reach," Hale said.

The relief may not last. As the spring and summer leasing season picks up, experts expect typical seasonal price increases. "As we transition into the spring leasing season, we expect the modest price increases typical of the peak rental months," Hale said.

That could mean rents in Tampa start ticking back up in the months ahead.

Rents in Tampa are finally easing after years of sharp increases. But they’re still more than one-third higher than before the pandemic, leaving many renters stretched.

Prices are coming down— just not enough to feel like a real break.