As rent prices in Tampa continue to increase, now might be the best time to buy with mortgage rates still low.
As the popularity of living in Tampa grows, so does the price of rent. According to a recent report from Zillow, Tampa was one of the metros that saw the largest increase in rental prices over the past decade.
The Tampa metro came in behind Orlando as recording the second highest rent increase for a metro area in Florida. When looking nationwide, Tampa came in at number 14.
The information could be the decision maker if you’re considering whether it makes more sense to rent or buy in 2020. Buying could also open the door to more options in real estate than renting.
During the 2010s, renters nationwide spent about $4.5 trillion just on rent. The number hit $512 billion on rent in the year 2019 alone.
Besides Tampa, other cities recording high rent increases in the State of Florida over the past decade included Jacksonville and Miami.