Tampa

Average Rent in Tampa (with Prices by Neighborhood)

If you have been following the news, you may have heard that rent prices are soaring across the U.S. These increases aren’t especially surprising, given concerns about inflation and rising interest rates. For landlords and tenants alike, this raises an important question: how does this affect Tampa?

Compared to many major metropolitan areas, the average rent in Tampa is fairly affordable, coming in at $1,915 per month. This amount can vary significantly by neighborhood, however. A rental unit in downtown Tampa may go for over $2,700 per month - while places in Lowry Park and Sulphur Springs cost an average of $1,465 each month.

At Eaton Realty, we offer a range of real estate services, from property management for investors to helping individuals and families find a place to rent in the greater Tampa Bay region. Our job includes knowing the details - like the average rent for different neighborhoods in Tampa - so you don’t have to do it yourself. If you’re interested in learning more, give us a call today.

Why Does the Average Rent Matter?

You may not think that it is important to know what the average rent in a given area is. After all, what is truly important is what you have to pay or what you can charge for rent. But there are a lot of good reasons to know this number, particularly in tough economic times where you may not be able to find an affordable home or you’re having trouble keeping your units rented.

Renters should understand average rents for a metro area for a somewhat obvious reason: it is a good way to know if the rent that a landlord wants makes sense. This works both ways. If a landlord is offering a 2 bedroom apartment in Harbour Island for $1,500 a month, then you should probably find out why the rent is more than $1,000 less than average. Is there something wrong with the property that it costs so little compared to other apartments?

Conversely, if a landlord is asking for way over market value - such as $2,000 a month for a 1 bedroom in Northeast Tampa - it’s probably not a great deal. Of course, there are plenty of good reasons for a particular unit to cost more than the average, such as having luxury amenities, a fenced in yard, pool access, or off-street parking. Keep in mind that the average rental price doesn’t mean that your rent should be exactly that number. It is just an indication of how much you should expect to pay in a given region.

Landlords should keep an eye on average rental prices so they know how much they can charge for rent. There are a lot of factors that go into setting a rental price, including whether you have a mortgage on the property, what owners of similar properties charge, and the value of your home. You should also take your expenses into consideration.

Average rent prices aren’t the same as evaluating comps because this number is an average of all rental prices in the area, from poorly-maintained studio apartments to 4 bedroom single family homes. You should still consider average rents, however, because prospective tenants will. If you are far outside of the range - whether above or below - it may turn off potential renters.

Of course, the average renter or landlord doesn’t necessarily have the time or the desire to keep track of how rent prices are changing across Hillsborough County. That is why it makes sense to work with a real estate specialist who can provide you with the latest information and guide you through the process.

Average Rents in Tampa By Neighborhood

Before we get into details, it’s a good idea to take a moment to figure out what exactly we are talking about when we say “average rent.” An average is calculated by adding up all of the individual values (here: rent) and then dividing this number by the total number of inputs (here: housing units). For example, if you are examining 10 rental units in an area, you’d add up the rent for each, and then divide by 10 to get the average rent.

Some websites offer a median rent amount in Tampa. The median amount is the middle value. If you are looking at a bunch of properties, the median rent will be the one in the middle, with half of the properties charging a higher rent and half charging a lower rent.

There are advantages and disadvantages to using average and median values. Generally, if the dataset has fairly uniform values, then an average will be the best option. If there are some big outliers, then using median value may provide more accurate results.

Most of the rental properties in the Tampa metro area cost somewhere between $1,500 and $2,500 per month. There are some inexpensive properties that have rents of less than $1,000 per month - and some pricey options that come in at over $5,000 each month. For that reason, we are offering both the median and average rent price for Tampa. For specific neighborhoods, we will use the average price.

The median rent in Tampa is $2,350 per month, an increase of $337 over 2021. The average rent in Tampa is $1,915 per month. These numbers represent all types of residential real estate, from studio and one bedroom apartments to large houses. On average, a Tampa rental unit is 927 square feet.

The Most Expensive Neighborhoods For Renting In Tampa

The average rent changes significantly when looking at specific neighborhoods. The most expensive places to rent in Tampa include:

  • Downtown Tampa: $2,722 per month
  • Harbour Island: $2,722 per month
  • Uptown Tampa: $2,722 per month
  • Channel District: $2,685 per month
  • Ybor City: $2,685 per month
  • Davis Islands: $2,614 per month
  • Hyde Park: $2,614 per month
  • Riverside Heights: $2,577per month
  • Tampa Heights: $2,577 per month
  • Ridgewood Park: $2,516 per month

The Most Affordable Neighborhoods For Renting In Tampa

It is possible to live in Tampa for less than $2,000 per month. Some of the more affordable neighborhoods in Tampa include:

  • Lowry Park: $1,465 per month
  • Sulphur Springs: $1,465 per month
  • Temple Crest: $1,506 per month
  •  Riverbend: $1,528 per month
  • Terrace Park: $1,534 per month
  • Northeast Tampa: $1,542 per month

Other Popular Neighborhoods For Renting In Tampa

Of course, you aren’t limited to just the most and least expensive neighborhoods in Tampa. Other areas that are popular to rent in include:

  • Courier City - Oscawana: $2,466 per month
  • West Meadows: $1,991 per month
  • Gandy - Sun Bay South: $2,006 per month
  • Tampa Palms: $1,851 per month
  • Ballast Point: $1,978 per month
  • Bayshore Beautiful: $1,965 per month
  • MacDill Air Force Base: $2,048 per month
  • Bel Mar Gardens: $1,703 per month
  • Bon Air: $1,792 per month
  • Carver City - Lincoln Gardens: $2,207 per month
  • Fair Oaks - Manhattan Manor: $1,978 per month
  • North Hyde Park: $2,409 per month
  • Port Tampa: $2,048 per month
  • Palmetto Beach: $2,127 per month
  • University Square: $1,558 per month
  • Wellswood: $1,645 per month
  • Palma Ceia: $1,703 per month
  • Hunters Green - Cory Lake Isles: $1,991 per month
  • Virginia Park: $1,703 per month
  • Bayside West: $1,978 per month
  • Gray Gables: $1,792 per month

As you can see, there are a variety of rental prices that can fit almost any budget. Within a given neighborhood, these rent costs may be higher or lower based on the specifics of the property. An experienced real estate estate company can help you find a rental that works for you.

How Do Average Tampa Rents Compare to Other Cities in Florida?

Tampa is an absolutely beautiful place to live. It is a thriving metropolitan area that still feels like a beach town. It has a great job market, multiple professional sports teams, outstanding schools, and a fantastic food scene. There are tons of opportunities for outdoor recreation - and Tampa is within easy driving distance of Orlando-area amusement parks.

That being said, Tampa is one of the more expensive places to live in Florida. With an average monthly rent of $1,915, living in paradise doesn’t come cheap. Average rents in other Florida cities include:

  • New Port Richey: $1,269
  • Winterhaven: $1,355
  • Tarpon Springs: $1,443
  • Lakeland: $1,505
  • Jacksonville: $1,530
  • Gainesville: $1,567
  • Temple Terrace: $1,595
  • Mulberry: $1,690
  • Seminole: $1,714
  • Largo: $1,723
  • Northport: $1,789
  • Kissimmee: $1,828
  • Clearwater: $1,846
  • Pinellas Park: $1,916
  • Orlando: $1,937
  • St. Petersburg: $1,975
  • Cape Coral: $1,976
  • Davenport: $2,035
  • Sarasota: $2,159
  • Miami: $2,307

Whether you are a long-time resident or moving to Tampa for school or work, it is possible to rent a beautiful property that is in your budget. This is particularly true for members of the armed forces, who can live on base at MacDill or choose to rent in a nearby suburb - like FishHawk. The team at Eaton Realty can help you find the best place for you, no matter where you want to live in Tampa Bay.

How Eaton Realty Can Help

Finding a place to live - or putting your own property up for rent - can be stressful. One of the best ways to streamline the process is by working with a skilled real estate company. In Hillsborough County, you can count on Eaton Realty for all of your real estate needs.

Based in Lithia, we work with buyers, sellers, renters, and landlords. We use our considerable experience in the market to make sure that our clients’ needs are met. Eaton Realty will stand by your side through each step of the process, whether you are looking to rent out a property or searching for a new home to rent.

To learn more, fill out our online contact form or call our office at 813-672-8022.

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