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Business Observer Friday, Oct. 4, 2019 2 weeks ago

Time to pay up for housing

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For Tampa residents, higher rents have come due.

Tampa’s reputation as one of the most affordable major U.S. cities for renters has taken a hit from a study, commissioned by Rent.com, that shows dramatic rises in the cost to rent an apartment in five desirable neighborhoods.

The news shouldn’t — and probably doesn’t — come as a surprise to anyone who has even casually followed Tampa’s development over the past decade. Tens of millions of dollars have been poured into public amenities, such as the Riverwalk, Julian B. Lane Riverfront Park and Curtis Hixon Waterfront Park, and with Jeff Vinik and Bill Gates teaming up to transform Channelside into Water Street Tampa — to the tune of a $3 investment — recently elected Mayor Jane Castor likes to joke that the crane is now Tampa’s official bird.

Progress, prosperity and population growth, however, lead to greater demand for housing, and that translates into higher rents. Five Tampa neighborhoods, Rent.com found, have seen average rent increases of at least 4% from August 2018 to August 2019: The Channel District, Old Seminole Heights, Sun Bay South, New Tampa and North Hyde Park.

 

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