Beth Davis

All County Editor

The Tampa Bay Rental Market: What Landlords and Renters Should Know

The Tampa Bay rental market has been one of Florida’s most dynamic real estate environments in recent years. With strong population growth, steady job creation, and a desirable coastal lifestyle, the region continues to attract renters and investors alike. As new supply enters the market and rent growth moderates, both landlords and tenants must adapt to shifting trends in Tampa Bay.

Current Rental Rate Snapshot

The average rent for all property types in Tampa is around $2,089/month.
• Apartments average approximately $1,635/month, with studios at $1,546, one-bedrooms at $1,635, and two-bedrooms at $1,970.
• Overall average apartment size is roughly 926 sq ft.
• Rents have softened slightly year over year, with about a 1% decline in some segments.

Supply & Demand Dynamics

• Multifamily occupancy sits around 93%, down slightly as new units hit the market.
  • About 9,300 units were delivered in the last year, with 3,700 absorbed.
  • Demand remains supported by strong job growth, migration, and lifestyle appeal.

Neighborhood & Unit Type Differences

• Downtown Tampa, Harbour Island, and Uptown command some of the highest rents, often exceeding $3,000/month.
  •  For more affordable areas such as North Tampa and University Square offer options under $2,000/month.
  • Two-bedroom units are the most common rental type in the market.

Single-Family Home Rentals: A Growing Opportunity

While apartments and multifamily units dominate many rental discussions, the market for single-family homes (SFHs) in the Tampa Bay region is increasingly significantly.
• Median rent for single-family homes is around $2,350/month, with averages often exceeding $3,000 depending on size and location.
• Families and long-term tenants make up a large portion of the SFH renter pool.
• SFHs often command higher rents and attract longer-term residents but may come with higher maintenance costs.
• Built-to-rent communities are growing, creating more competition and opportunity in this segment.

Landlords and renters should understand the Tampa Bay rental market.  For investors, SFHs can provide stable cash flow and longer leases if managed well. Landlords can successfully navigate these market shifts, partnering with a professional property manager. For renters, SFHs offer more space, privacy, and a neighborhood feel—though typically at a higher cost.

Key Trends & Things to Watch

• Rent growth is moderating after several years of rapid increases.
  • Institutional investor activity is increasing in the region.
  • Affordability pressures persist, with many renters spending a high percentage of their income on housing.
  • New construction may put downward pressure on rents in certain submarkets.

Implications for Landlords & Investors

• Keep rent pricing competitive using up-to-date comps.
  • Well-maintained, amenity-rich units tend to outperform the market.
  • Expect slower lease-ups in areas with heavy new construction.
  • Strong marketing and tenant retention will be key in a more balanced market.

Implications for Renters

• Renters may have more leverage in lease negotiations as supply grows.
  • Choosing the right neighborhood can lead to significant savings.
  • Affordability remains a key consideration, even as rent growth slows.
  • Amenities and flexible living options are increasingly important for renters.

Looking Ahead

The Tampa Bay rental market appears to be entering a more balanced phase. However, Tampa is still a highly sought-after market to live in.  The close proximity to the beach, nightlife, and International airport are a few of the highlights. The pace of rent increases is cooling, and supply growth is giving renters more options. For landlords and investors, success will depend on competitive pricing, excellent property maintenance, and delivering strong tenant experiences. For average pricing in Tampa Bay visit Zillow®.

Let All County® Handle the Hard Part

The Tampa Bay rental market offers a dynamic opportunity—but it can also be complex to navigate. From marketing and pricing to tenant screening and maintenance, managing a property takes time and expertise.

Work with a local All County® office and let our experienced team handle everything.  This allows our investors to focus on enjoying their investment. We specialize in full-service property management tailored to the Tampa Bay market.

Visit www.allcountyprop.com to connect with your local All County® office today and make property management effortless.