Housing experts predict Tampa rent to rise in 2012
Real estate experts project that rent prices will increase the remainder of this year in the Tampa Bay area.
A rosier employment picture, dropping vacancy rates and a decrease in new apartment construction, will cause rent costs to increase for apartments, condominiums and single-family homes in 2012, according to a report in the Sarasota Herald-Tribune. Bryn Merrey, vice president and regional manager of Marcus & Millichap, a Florida commercial real estate company, told the Herald-Tribune that, although this might be unwelcome news to renters, it’s a good sign for the economy. “We’ve started hearing very frequently that people were able to raise their rents for the first time in a long time,” he said.
Vacancy rates in the Tampa market dropped from 7.9 percent to 6.1 percent in 2011. The rates are anticipated to plummet to 5.7 percent this year. On the other hand, there was a 1.3 percent increase in rental rates and this is expected to increase by 3.8 percent in 2012.
Across the country there was a 5.2 percent vacancy rate for apartments at the end of 2011, that figure is down from 6.6 percent at the end of 2010.
Read more at Sarasota Herald-Tribune.