TAMPA, Fla. — One report shows rent prices nationally fell for the third straight month. In Tampa, rents dropped around 1.4% month-over-month in November compared to 1% nationally. Meanwhile, year-over-year rent growth… stands at 2.4% compared to 33.4% this time last year.
But, rent in Tampa is up nearly 40% since the start of the pandemic, and people living here continue to feel the pressure.
"When I first moved to this location in Channelside, I was paying $1,750, and now currently, in 2022, ending in 2023, I'll be paying $2,600 for my actual rent," Danny Saldivar said.
Rent prices hike while wages trail behind.
"I feel I'm making basically the same money I have been the past couple years, and the rates are still going up," Tampa resident, Keith Manecke, said.
Zillow put together this report by pulling information from Federal data.
It shows that over the past five years, rent prices have jumped 36.9% while wages are only up 23%.
"I've been working more and trying to get more hours and get more jobs to try to overcome that... I decided to live with a friend to try and save money, and now it’s been a year," Manecke explained.
Renters now need to work 63 hours to pay rent which is six more hours than before the pandemic. Here in Tampa Bay, compared to five years ago, an average worker would need to clock an extra 20 hours just to make rent.
"For me, it's really just been trying my best to get whatever kind of promotions are possible, doing outside income as well for my own side businesses and at the same time, I was fortunate enough to get a new position at a totally different organization," Saldivar said.
Sides jobs are the new norm for many people as they work to combat the rise in rent and everything else.
"I bartend, I serve, I model. So, I try and keep as many avenues as possible and doing as many jobs as I can," Manecke added.
When it comes to renting, one real estate attorney told ABC Action News that there's some room for negotiation.
"If you’re a renter and you’re looking to negotiate the price, offer the landlord a longer-term lease... It's attractive to have a renter locked up for two years. But then, if a renter is going to be locked up for two years, the renter would then ask for a discount in exchange for a longer lease," Stephen Hachey explained.
Hachey said in a competitive rental market, you should use your good renting history as a leg up when asking for discounted rates.
As for renters, they hope local officials will do what they can to keep people from moving elsewhere.
"Honestly, help the rest of Tampa Bay. I love the way this city is growing, but please think of all the historical residents of Tampa and allow them to stay here if possible," Saldivar explained.
