Rental Market Update
Landlords and investors must stay informed in the ever-evolving landscape of Hillsborough County's real estate market. In this article, we delve into the most recent Hillsborough County rental statistics for October 2023 to assess the state of the rental market and help you understand the shifts that have occurred over the past year.
In October 2023, Hillsborough County saw 1,905 active rental listings, totaling an impressive $3,886,726 in volume. Comparing this to the same month in 2022, when we had 1,228 listings with a volume of $2,414,759, we witnessed a 55% increase in the supply of active rentals on the market.
Average Days to Rent
One notable shift in the market is the average days it takes to rent a property. In October 2023, this figure stood at 38 days, compared to a slightly faster pace of 31 days in October 2022. This is a substantial increase from the mere 14 days recorded in the summer of 2021. This shift suggests a move towards a more balanced market, allowing tenants to make informed decisions and not feel rushed.
Months of Inventory
Examining the months of inventory provides further insights. In October 2023, Hillsborough County experienced 3 months of inventory, up from 2 months in the same period last year. Notably, the spring and summer of 2021 boasted a mere 1 month of inventory for seven consecutive months. This increase signifies a healthier balance between supply and demand, fostering stability in the rental market.
Average Rent Price
In October 2023, the average rent price settled at $2,718, nearly the same as the previous year's figure of $2,709. While this represents a decrease from the market's high of $3,004 in early summer, it's essential to note that fluctuations in rent prices are a natural part of the market's ebb and flow and that rent rates typically decrease in the fall and winter.
Good News for Potential Landlords
Despite a 1.2% decrease in rent growth over the last 12 months, viewing this in a broader context is crucial. Tampa Bay's rental market is not alone in this trend; it mirrors the national average and outperforms the state of Florida, which experienced a -2.9% growth. Moreover, Hillsborough County remains a dynamic and growing area fueled by economic and job growth, a strong military community, expanding industries, and an influx of companies to the region. The undeniable vitality of our community ensures that people are still moving, maintaining a healthy demand for reasonably priced rental properties.
While the rental market in Hillsborough County has seen some adjustments over the past year, pricing strategy is more important than ever. The region attracts residents and businesses alike, contributing to its enduring appeal and providing a foundation for long-term optimism.
If you're considering entering the rental market or have any real estate needs, feel free to contact Eaton Realty, your trusted local experts. We're here to simplify your real estate journey so you can move confidently and with less stress.