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Cost Of Renting Keeps Rising, Especially In Older Buildings

A recent study from Apartment List shows that it’s becoming less and less affordable to rent apartments. This is especially true in apartments in older buildings. Plus, proportionally, the share of rentals that are less than 10 years old is at a record low. The cost of rent has been increasing the quickest among older rentals.

This goes against tradition. Typically, older units are less sought-after and fill the need for people with less money to spend on rent. That’s what happens in a healthy market normally. In 1980, the percentage of rentals in the housing market less than 10 years old was 24 percent. These days?

Under 10 percent.

These days, about nine percent of the rental units in the market are less than 10 years old. Plus, in 1980, the percentage of rental units that were over 30 years old was just 41 percent. Suddenly, they make up 66 percent of the rentals! Another strange thing happened. Between 2000 and 2016, units available as rentals that were built BEFORE 1960 increased by 21.4.

This trend is especially true in the Sun Belt. In Tampa, specifically, the change in the share of rental stock older than 31 years-old increased by almost 25 percent. It’s clearly time for many renters to consider becoming homeowners.

609 N Dale Mabry Highway $7,750,000

609 N Dale Mabry Highway Tampa, Florida

15,689 SqFt 1.080 Acres

7113 Pelican Island Drive $3,000,000

7113 Pelican Island Drive Tampa, Florida

5 Beds 4 Baths 3,987 SqFt 0.280 Acres

13030 E Us Highway 92 $2,200,000

13030 E Us Highway 92 Dover, Florida

3 Beds 2 Baths 1,677 SqFt 13.420 Acres

13030 E Us Highway 92 $2,200,000

13030 E Us Highway 92 Dover, Florida

584,575 SqFt 13.420 Acres

18427 Hancock Bluff Road $899,000

18427 Hancock Bluff Road Dade City, Florida

7 Beds 5 Baths 7,032 SqFt 2.570 Acres

4803 N Gomez Avenue $725,000

4803 N Gomez Avenue Tampa, Florida

4 Beds 3 Baths 3,720 SqFt 0.250 Acres

603 S Gomez Avenue 5 $649,900

603 S Gomez Avenue 5 Tampa, Florida

3 Beds 3 Baths 1,997 SqFt 0.030 Acres

3430 Diamond Falls Circle $639,900

3430 Diamond Falls Circle Land O Lakes, Florida

4 Beds 3 Baths 2,665 SqFt 0.220 Acres

6715 Frontier Lane $587,500

6715 Frontier Lane Tampa, Florida

4 Beds 2 Baths 2,407 SqFt 0.260 Acres

751 Pinellas Bayway S 208 $525,000

751 Pinellas Bayway S 208 Tierra Verde, Florida

2 Beds 3 Baths 1,600 SqFt 0.020 Acres

313 Tavernier Drive $510,000

313 Tavernier Drive Oldsmar, Florida

3 Beds 2 Baths 1,694 SqFt 0.140 Acres

7514 Sunshine Bridge Avenue $449,900

7514 Sunshine Bridge Avenue Gibsonton, Florida

4 Beds 3 Baths 2,904 SqFt 0.100 Acres

30844 Summer Sun Loop $425,000

30844 Summer Sun Loop Wesley Chapel, Florida

4 Beds 2 Baths 1,846 SqFt 0.150 Acres

9244 79Th Avenue $399,000

9244 79Th Avenue Largo, Florida

3 Beds 2 Baths 1,730 SqFt 0.200 Acres

13224 Sweet Gum $395,000

13224 Sweet Gum Brooksville, Florida

3 Beds 2 Baths 1,668 SqFt 2.400 Acres

THINKING OF SELLING YOUR TAMPA BAY AREA HOME?

If you’re interested in selling a Tampa Bay area home, please contact us for more information about listing your home. Check out our helpful article describing the process and how to decide if it’s the right time to sell.

ARE YOU BUYING A HOME FOR SALE IN TAMPA BAY?

If you’re thinking about buying a home in Tampa Bay, do a quick online search or check out our:

  • Tampa Bay homes for sale under $100,000
  • Tampa Bay homes for sale between $100,000 and $200,000
  • Tampa Bay homes for sale between $200,000 and $300,000
  • Tampa Bay homes for sale between $300,000 and $400,000
  • Tampa Bay homes for sale between $400,000 and $500,000
  • Tampa Bay homes for sale between $500,000 and $600,000
  • Tampa Bay homes for sale between $600,000 and $700,000
  • Tampa Bay homes for sale between $700,000 and $800,000
  • Tampa Bay homes for sale between $800,000 and $900,000

Our experienced agents know the area and would love to find you the perfect home in the Tampa Bay or any of the surrounding areas.  When you’re ready, call us at 813-961-6000, or contact us online. We handle real estate in Hillsborough County (the Tampa – St. Petersburg – Clearwater metropolitan area), real estate in Pasco County (Port Richey, New Port Richey, Dade City, Zephyrhills and San Antonio), and real estate in Pinellas County (Tampa – St. Petersburg metropolitan area.) We’ll help you find the right home for your needs!

Posted in: News, Renting, Tampa Tagged: old rental units, price of rent, renting, Sun Belt rental units

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RE/MAX ACR ELITE GROUP, INC. Hillsborough

13907 N. Dale Mabry Hwy., Ste. 101
Tampa, FL 33618
Office (813) 961-6000
Fax (813) 961-6016

RE/MAX ACR ELITE GROUP, INC. Pinellas

1465 S. Ft. Harrison Ave, Ste. 100
Clearwater, FL 33756
Office (727) 584-8480
Fax (727) 586-6789


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