As home buying becomes less affordable across the US, the rental market is also seeing a surge in prices as strong competition for housing leaves few options on the market.
Metropolitan areas are seeing the greatest rent increase, particularly in sunnier cities like Tampa, Miami, Phoenix, and Riverside, CA, reports Realtor.com.
Growth was particularly high in metros such as Tampa, FL, which includes St. Petersburg, which has seen a whopping 33.3% increase in rental prices. Monthly rents were a median $1,800 in the Florida city.
“The rental market is as tough as the sales market,” says Alma Alexander, a Realtor who’s with Coldwell Banker in Tampa.
She says a growing economy and strong sports industry are attracting many people to the Tampa region. The pandemic also gave the area a boost as many folks in snowier areas who could work remotely headed for cheaper, sunnier parts of the country. But in cities across Florida, there’s simply not enough housing to meet the demand.
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