Average Rent in Tampa (with Prices by Neighborhood)

Rent prices have been soaring across the U.S. for the past several years. These increases aren’t especially surprising, given rising inflation and higher interest rates. For landlords and tenants alike, this raises an important question: how does this affect Tampa?

Compared to many major metropolitan areas, the average rent in Tampa is fairly affordable, coming in at $1,920 per month. This amount can vary significantly by neighborhood, however. A rental unit in downtown Tampa may go for over $2,700 per month - while places in Lowry Park and Sulphur Springs cost an average of $1,465 each month.

At Eaton Realty, we offer a range of real estate services, from property management for investors to helping individuals and families find a place to rent in the greater Tampa Bay region. Our job includes knowing the details - like the average rent for different neighborhoods in Tampa - so you don’t have to do it yourself. If you’re interested in learning more, give us a call today.

Are you charging enough for rent? Ask our property management team › 813-672-8022

Why Does the Average Rent Matter?

You may not think that it is important to know what the average rent in a given area is. After all, what is truly important is what you have to pay or what you can charge for rent. But there are a lot of good reasons to know this number, particularly in tough economic times where you may not be able to find an affordable home or you’re having trouble keeping your units rented.

Renters should understand average rents for a metro area for a somewhat obvious reason: it is a good way to know if the rent that a landlord wants makes sense. This works both ways. If a landlord is offering a 2 bedroom apartment in Harbour Island for $1,500 a month, then you should probably find out why the rent is more than $1,000 less than average. Is there something wrong with the property that it costs so little compared to other apartments?

Conversely, if a landlord is asking for way over market value - such as $2,000 a month for a 1 bedroom in Northeast Tampa - it’s probably not a great deal. Of course, there are plenty of good reasons for a particular unit to cost more than the average, such as having luxury amenities, a fenced in yard, pool access, or off-street parking. Keep in mind that the average rental price doesn’t mean that your rent should be exactly that number. It is just an indication of how much you should expect to pay in a given region.

Landlords should keep an eye on average rental prices so they know how much they can charge for rent. There are a lot of factors that go into setting a rental price, including whether you have a mortgage on the property, what owners of similar properties charge, and the value of your home. You should also take your expenses into consideration.

Average rent prices aren’t the same as evaluating comps because this number is an average of all rental prices in the area, from poorly-maintained studio apartments to 4 bedroom single family homes. You should still consider average rents, however, because prospective tenants will. If you are far outside of the range - whether above or below - it may turn off potential renters.

Of course, the average renter or landlord doesn’t necessarily have the time or the desire to keep track of how rent prices are changing across Hillsborough County. That is why it makes sense to work with a real estate specialist who can provide you with the latest information and guide you through the process.

Average Vs Median Rent

Before we get into details, it’s a good idea to take a moment to figure out what exactly we are talking about when we say “average rent.” An average is calculated by adding up all of the individual values (here: rent) and then dividing this number by the total number of inputs (here: housing units). For example, if you are examining 10 rental units in an area, you’d add up the rent for each, and then divide by 10 to get the average rent.

Some websites offer a median rent amount in Tampa. The median amount is the middle value. If you are looking at a bunch of properties, the median rent will be the one in the middle, with half of the properties charging a higher rent and half charging a lower rent.

There are advantages and disadvantages to using average and median values. Generally, if the dataset has fairly uniform values, then an average will be the best option. If there are some big outliers, then using the median value may provide more accurate results.

Average Rents in Tampa By Neighborhood

Most of the rental properties in the Tampa metro area cost somewhere between $1,500 and $2,500 per month. There are some inexpensive properties that have rents of less than $1,000 per month - and some pricey options that come in at over $5,000 each month. For that reason, we are offering both the median and average rent price for Tampa. For specific neighborhoods, we will use the average price.

The median rent in Tampa is $2,199 per month. The average rent in Tampa is $1,920 per month. These numbers represent all types of residential real estate, from studio and one-bedroom apartments to large houses. On average, a Tampa rental unit is 928 square feet.

Average Rent By Apartment Type

There are many different factors that affect the price of rent. One of the largest factors is the size of the apartment. You can find average pricing by apartment type in Tampa below.

Apartment Type	Average Monthly Rent	Average Sq Ft
Studio	$1,469	499
One Bedroom	$1,585	720
Two Bedroom	$1,939	1,060
Three Bedroom	$2,368	1,354

Average Rent By Neighborhood

Knowing the average rent for a city is great, but being able to compare average rents on a neighborhood level may help you refine your search to look at more apartments within your budget or competitively price your rental to match your neighborhood if you’re a landlord. For that reason, we’ve also compiled average rent data by neighborhood in Tampa.

The Most Expensive Neighborhoods For Renting In Tampa

The average rent changes significantly when looking at specific neighborhoods. The most expensive places to rent in Tampa include:

Neighborhood	Average Monthly Rent
Downtown Tampa	$2,724
Harbour Island	$2,724
Uptown Tampa	$2,724
Channel District	$2,679
Ybor	$2,679
Davis Islands	$2,596
Hyde Park	$2,596
Ridgewood Park	$2,563
Riverside Heights	$2,560
Tampa Heights	$2,560

The Most Affordable Neighborhoods For Renting In Tampa

It is possible to live in Tampa for less than $2,000 per month. Some of the more affordable neighborhoods in Tampa include:

Neighborhood	Average Monthly Rent
Eastside Commercial	$1,965
Palmetto Beach	$1,965
Ballast Point	$1,965
Bayside West	$1,965
Fair Oaks - Manhattan Manor	$1,965
Interbay	$1,965
Bayshore Beautiful	$1,957
Eastern Heights	$1,887
Bon Air	$1,879
Gray Gables	$1,879
Swann Estates	$1,879
Plaza Terrace	$1,877
Tampa International Airport	$1,865
Beach Park	$1,858
Golfview	$1,858
West Meadows	$1,827
Hunters Green - Cory Lake Isles	$1,815
Bayshore Gardens	$1,787
Bel Mar Gardens	$1,787
Bel Mar Shores	$1,787
Culbreath Heights	$1,787
Palma Ceia	$1,787
Sunset Park	$1,787
Virginia Park	$1,787
Tampa Palms	$1,780
East Tampa Business Area	$1,701
Forest Hills	$1,642
North Tampa	$1,642
University Square	$1,642
Wellswood	$1,628
Terrace Park	$1,604
Rowlett	$1,596
Temple Terrace	$1,590
Northeast Tampa	$1,570
Drew Park	$1,569
Temple Crest	$1,561
Riverbend	$1,544
Old Seminole Heights	$1,536
Live Oaks Square	$1,513
Rivergrove - Woodland Terrace	$1,513
Lowry Park	$1,481
Sulphur Springs	$1,481

 

Other Popular Neighborhoods For Renting In Tampa

Of course, you aren’t limited to just the most and least expensive neighborhoods in Tampa. Other areas that are popular to rent in include:

Neighborhood	Average Monthly Rent
Courier City - Oscawana	$2,486
Parkland - New Suburb	$2,457
North Hyde Park	$2,452
Riverfront	$2,452
Bowman Heights	$2,347
MacFarlane Park	$2,347
Old West Tampa	$2,347
The Marina Club Of Tampa	$2,347
Carver City - Lincoln Gardens	$2,293
Oakford Park	$2,293
Westshore Palms	$2,293
MacDill Airforce Base	$2,114
Port Tampa	$2,114
Pine Ridge Estates	$2,106
Gandy - Sun Bay South	$2,031

As you can see, there are a variety of rental prices that can fit almost any budget. Within a given neighborhood, these rent costs may be higher or lower based on the specifics of the property. An experienced real estate estate company can help you find a rental that works for you.

What Salary Is Needed To Comfortably Afford Rent In Tampa?

Expenses and financial situations can differ greatly from person to person. Some renters may be able to afford to spend more of their paycheck on rent than others. As a general rule, your monthly rent should be no more than 30% of your monthly income to be able to comfortably afford your other expenses and invest some of your money monthly.

If we take the average monthly rent of $1,920 and apply the 30% rule, then you need a salary of approximately $76,800 to live comfortably in Tampa. Of course, if your rent is below the average then your salary can be lower and vice versa. As you’re budgeting for rent, make sure to factor in your additional monthly expenses like groceries, gas, insurance, subscriptions, etc.

How Do Average Tampa Rents Compare to Other Cities in Florida?

Tampa is an absolutely beautiful place to live. It is a thriving metropolitan area that still feels like a beach town. It has a great job market, multiple professional sports teams, outstanding schools, and a fantastic food scene. There are tons of opportunities for outdoor recreation - and Tampa is within easy driving distance of Orlando-area amusement parks.

That being said, Tampa is one of the more expensive places to live in Florida. With an average monthly rent of $1,920, living in paradise doesn’t come cheap. Average rents in other popular Florida cities can be found below.

City	Average Monthly Rent
Jacksonville	$1,499
Kissimmee	$1,796
Miami	$2,538
Tampa	$1,920
Cape Coral	$2,056
Orlando	$1,902
Fort Myers	$1,938
Port St. Lucie	$1,882
Gainesville	$1,707
Lakeland	$1,524
West Palm Beach	$2,268
St. Petersburg	$1,991
Clearwater	$1,772
Largo	$1,715
Pinellas Park	$1,870
Seminole	$1,808
Temple Terrace	$1,590
Tarpon Springs	$1,520
Dade City	$1,697
New Port Richey	$1,325
Dunedin	$1,980

Whether you are a long-time resident or moving to Tampa for school or work, it is possible to rent a beautiful property that is in your budget. This is particularly true for members of the armed forces, who can live on base at MacDill or choose to rent in a nearby suburb - like FishHawk. The team at Eaton Realty can help you find the best place for you, no matter where you want to live in Tampa Bay.

Are You Charging Enough For Rent?

You may not be charging enough in rent for your property and our Tampa property management specialists can help you determine that. Our team offers a free rent value analysis service with no strings attached. We'll help you determine a more accurate estimate on what your property could rent for. To request a free rent value analysis, you simply have to fill out our rent value request form. 

How Eaton Realty Can Help

Finding a place to live - or putting your own property up for rent - can be stressful. One of the best ways to streamline the process is by working with a skilled real estate company. In Hillsborough County, you can count on Eaton Realty for all of your real estate needs. Our realtors can help you find a rental in Apollo Beach, Brandon, Dover, Temple Terrace, Gibsonton, Lithia, Plant City, Riverview, Ruskin, Seffner, Tampa, Thonotosassa, Valrico, Wimauma, and more. Our property management team can also help you manage a rental if you're a landlord. 

Based in Lithia, we work with buyers, sellers, renters, and landlords. We use our considerable experience in the market to make sure that our clients’ needs are met. Eaton Realty will stand by your side through each step of the process, whether you are looking to rent out a property or searching for a new home to rent.

To learn more, fill out our online contact form or call our office at 813-672-8022.