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Looking for a place to rent? Good luck

Demand is high for reasonably priced housing in South Tampa, supply is low, and the good deals that do come along don't last long.

By ERIKA VIDAL
Published July 21, 2006

SOUTH TAMPA - Jeniffer Velez has practically memorized the postings on Craig's List and the MySpace classifieds. She's picked up apartment guides in grocery stores and driven around Ybor City in her white Hyundai looking for those bright red and white "For Rent" signs.

Velez, 23, has been living in Seffner with her parents for the past decade. Now that she's working at an interior design business in the Channel District, South Tampa is where she wants to set up shop. Brandon is an option, but she prefers South Tampa.

"Location is key," she said.

But rent rates are high, and her price limit of about $500 a month and her desire to live alone isn't making the search easy.

So what can you find in terms of South Tampa area rentals? From studios and efficiencies to apartments and duplexes, "it" spots such as Hyde Park, Davis Islands and the Bayshore and Palma Ceia areas have plenty to offer. But units often don't last long.

Michael Slater, founder of Triad Research & Consulting Inc., a real estate market research and economic consulting firm in Tampa, said the average rent in the South Tampa submarket for all units is $939. That's up $110 from last year, he said, noting that the condo conversion craze and high occupancy rates are prompting landlords and property management companies to increase rates.

Several real estate agents and property owners attribute rent increases to high property taxes and insurance rates.

Deborah Smith has been in the rental business for more than 20 years. She estimates the rental price boost at more like $200 in the past year.

Based on her experience, apartments in South Tampa are renting for $1.30 to $1.50 per square foot. Anything for less probably won't be available for more than a few days.

Velez knows this firsthand. Every time she thinks she's found the perfect place, it's rented out before she can snag it.

Last week, she went to an open house in Hyde Park for a building split into several studios, but by the time she got there, the unit she wanted was gone.

"I almost cried," she wrote in an e-mail.

Then she had an appointment for another unit, but a few hours before the meeting, the landlord called saying she had already started credit checks on prospective tenants.

The vacancy rate in Tampa was 7.8 percent in 2003, according to the latest figures available from the U.S. Census Bureau's American Community Service Profile. Local market experts put the current rate at 5 to 10 percent.

"Very little new (rental property) is coming into the market and occupancy rates are so high," Slater said. Demand is up, availability is low and many people are willing to pay a lot.

South Tampa is especially known for its high occupancy rates, but drive around neighborhoods such as Hyde Park and Davis Islands, and you'll see plenty of "For Rent" signs and info tubes in front of houses, apartment buildings, duplexes and other multiunit buildings.

But if something sounds too good to be true, it probably is, said Smith, who runs Apartmax, a condominium locator and referral service in Tampa. For the best deals, look for an owner who doesn't know the market or is in a hurry to find a tenant.

The average one-bedroom condo or apartment in Hyde Park has about 700 square feet and leases for about $1,200, Smith said. In the Channel District and Harbour Island, she said, consider yourself lucky if you find anything cheaper than $1,200 a month at any square footage.

Darlene Walker, property manager at Gaspar Properties, said there's no average rent on their units in Hyde Park and Davis Islands. Small studios and one-bedroom apartments in Hyde Park typically start at about $700. On Davis Islands, they start at about $900.

Every now and then a great deal pops up but doesn't stay long. An MLS search by local real estate agent Jonathan Stanton turned up several small apartments and duplexes in the Hyde Park and Bayshore areas that recently rented for less than $600.

Smith said a flexible moving date could be your best bet for getting a good deal. One real estate agent suggested looking around the holidays, when people are more hesitant to move. But word of mouth and your car or bike may be your most useful tools.

Velez hasn't found her perfect apartment yet. "Sadly, it seems Brandon is it," she said.

But she's not giving up on South Tampa. She heard about a place on Platt Street - and maybe this time she'll be the first one there.

Erika Vidal can be reached at evidal@sptimes.com or (813) 226-3339.

[Last modified July 20, 2006, 13:19:52]