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.
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!