If you rent in the Tampa Bay area you already know this to be true, but a new analysis of rental data shows rent prices continue to soar in Tampa and across Florida, but wages continue to lag behind.
According to an analysis of rental data by Zillow from 2019-2023, rent increased by 50% in Tampa compared to wages increasing by just 15.3%. Tampa has the highest discrepancy in the nation, and 20% more than the national average.
Miami was second nationally on the list, with a 52.6% increase in rents compared to a 20.4% increase in wages, a 32.2 percent difference.
Jacksonville also had a huge rent-to-wage gap, with rents increasing 36.7% while wages grew just 9.7%. Orlando had the smallest difference in Florida, with rents growing 36.3% compared to wage growth of 17.4%.
According to Zillow, wages have consistently outpaced rents in recent years in only six major metro areas.
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