Tampa Rents Are Going Down

Rents in the Tampa-St. Petersburg-Clearwater metro are easing as 2025 comes to a close, offering renters some relief after several years of rapid increases.

The Realtor.com® November 2025 Rental Report shows that asking rents in the region are now lower than they were a year ago, placing Tampa Bay firmly within the broader national rental cooldown.

Even so, affordability pressures remain a defining issue for many households.

Tampa Bay rents decline, but affordability challenges linger

Tampa-St. Petersburg-Clearwater posted a 2.5% year-over-year decline in median asking rent for 0- to 2-bedroom units in November, with the average rent coming in at $1,672.

Lower rents are helping improve affordability at the margins. Two minimum-wage earners in the Tampa Bay area would each need to work about 56 hours per week to afford the median rental while keeping housing costs at 30% of income. While that is more manageable than in many large metros, it still exceeds a standard full-time schedule—especially across popular Tampa rental listings and neighboring coastal markets.

National rents keep falling, reinforcing Tampa’s cooldown

Tampa Bay’s rent decline mirrors a sustained national trend. Across the 50 largest U.S. metros, the median asking rent fell to $1,693 in November, down 1% from a year earlier. That marked the 28th consecutive month of year-over-year rent declines nationwide.

The slowdown has been broad-based across unit sizes. Studio rents are down 0.4% year over year, while 1-bedroom and 2-bedroom units each declined about 1%. Economists note that studios often respond first to shifts in demand, so their near-flat performance may signal stabilizing renter interest, even as larger units continue to soften.

Despite falling rents, prices remain elevated compared with pre-pandemic levels. National asking rents are still 17.2% higher than they were in November 2019, reinforcing why affordability remains the defining theme of the rental market in 2025. The current cooldown has helped, but it has not erased years of rapid growth.

Minimum-wage affordability highlights how uneven conditions remain nationwide. Only five of the 50 largest metros allow two minimum-wage earners to afford the median rental without overtime. Tampa-St. Petersburg-Clearwater is not among them yet, though upcoming wage increases could move the market closer to that threshold.

Is renting cheaper than buying in Tampa Bay?

Even as rents fall locally, renting remains cheaper than buying a home on a monthly basis. Nationally, the median rent of $1,693 in November sits well below the typical monthly mortgage payment of about $2,040, keeping renting the lower-cost option for many households and reinforcing the broader rent-versus-buy dynamic.

That gap is narrowing, however. Lower mortgage rates are improving affordability for buyers, even as rents continue to correct from their pandemic-era surge. “Rent continues to fall in many of the major metros across the United States for a variety of reasons,” says Joel Berner, senior economist at Realtor.com®, pointing to the ongoing adjustment after the dramatic rent increases of 2021 and 2022.

For Tampa Bay renters, the decision between renting and buying often comes down to financial readiness and long-term plans. Renting still offers the lower monthly commitment, while improving wage conditions and financing options may gradually make ownership more attainable. Tools like a mortgage vs. rent calculator can help compare current rent with potential mortgage payments.

This article was produced with editorial input from Dina Sartore-Bodo and Gabriella Iannetta.