10 Cheap Apartments for rent in New Port Richey, FL
February 2020 New Port Richey Rent Report
Welcome to the February 2020 New Port Richey Rent Report. New Port Richey rents remained steady over the past month. In this report, we'll evaluate trends in the New Port Richey rental market, including comparisons to cities throughout the metro, state, and nation.
February 2020 New Port Richey Rent Report
Welcome to the February 2020 New Port Richey Rent Report. New Port Richey rents remained steady over the past month. In this report, we'll evaluate trends in the New Port Richey rental market, including comparisons to cities throughout the metro, state, and nation.
New Port Richey rents held steady over the past month
New Port Richey rents have remained steady over the past month, but are down slightly by 0.2% year-over-year. Currently, median rents in New Port Richey stand at $826 for a one-bedroom apartment and $1,028 for a two-bedroom. New Port Richey's year-over-year rent growth lags the state average of 1.5%, as well as the national average of 1.6%.
Rents rising across the Tampa Metro
While rent prices have decreased in New Port Richey over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in 9 of the largest 10 cities in the Tampa metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- Valrico has the most expensive rents in the Tampa metro, with a two-bedroom median of $1,578; however, the city has also seen rents fall by 1.4% over the past year, the biggest drop in the metro.
- Largo has seen the fastest rent growth in the metro, with a year-over-year increase of 6.4%. The median two-bedroom there costs $1,254, while one-bedrooms go for $1,008.
- St. Petersburg has the least expensive rents in the Tampa metro, with a two-bedroom median of $1,206; rents increased 0.2% over the past month and 1.7% over the past year.
New Port Richey rents more affordable than many large cities nationwide
As rents have fallen slightly in New Port Richey, many large cities nationwide have seen prices increase, in some cases substantially. New Port Richey is also more affordable than most large cities across the country.
- Other cities across the state have seen rents slightly increase, with Florida as a whole logging rent growth of 1.5% over the past year. For example, rents have grown by 1.6% in Jacksonville and 1.1% in Miami.
- New Port Richey's median two-bedroom rent of $1,028 is below the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year compared to the 0.2% decline in New Port Richey.
- While rents in New Port Richey fell slightly over the past year, many cities nationwide saw increases, including Phoenix (+3.7%), Austin (+3.3%), and Charlotte (+2.6%).
- Renters will find more reasonable prices in New Port Richey than most large cities. For example, Los Angeles has a median 2BR rent of $1,760, which is more than one-and-a-half times the price in New Port Richey.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.