30 Studio Apartments for rent in St. Petersburg, FL
June 2020 St. Petersburg Rent Report
Welcome to the June 2020 St. Petersburg Rent Report. St. Petersburg rents declined over the past month. In this report, we'll evaluate trends in the St. Petersburg rental market, including comparisons to cities throughout the metro, state, and nation.
June 2020 St. Petersburg Rent Report
Welcome to the June 2020 St. Petersburg Rent Report. St. Petersburg rents declined over the past month. In this report, we'll evaluate trends in the St. Petersburg rental market, including comparisons to cities throughout the metro, state, and nation.
St. Petersburg rents declined significantly over the past month
St. Petersburg rents have declined 0.5% over the past month, but have increased marginally by 0.6% in comparison to the same time last year. Currently, median rents in St. Petersburg stand at $967 for a one-bedroom apartment and $1,203 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in March. St. Petersburg's year-over-year rent growth is level with the state average of 0.6%, but lags the national average of 0.8%.
Rents rising across the Tampa Metro
Throughout the past year, rent increases have been occurring not just in the city of St. Petersburg, but across the entire metro. Of the largest 10 cities that we have data for in the Tampa metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Valrico has seen rents fall by 2.0% over the past year, the biggest drop in the metro. It's also the most expensive city in the Tampa metro with a two-bedroom median of $1,586.
- Largo has seen the fastest rent growth in the metro, with a year-over-year increase of 6.0%. The median two-bedroom there costs $1,267, while one-bedrooms go for $1,018.
- St. Petersburg has the least expensive rents in the Tampa metro, with a two-bedroom median of $1,203; rents fell 0.5% over the past month but rose 0.6% over the past year.
St. Petersburg rents more affordable than many large cities nationwide
As rents have increased marginally in St. Petersburg, a few large cities nationwide have seen rents grow more quickly. St. Petersburg is still more affordable than most large cities across the country.
- Rents increased slightly in other cities across the state, with Florida as a whole logging rent growth of 0.6% over the past year. For example, rents have grown by 0.8% in Jacksonville and 0.2% in Miami.
- St. Petersburg's median two-bedroom rent of $1,203 is slightly above the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the 0.6% increase in St. Petersburg.
- While St. Petersburg's rents rose marginally over the past year, the city of Los Angeles saw a decrease of 0.1%.
- Renters will find more reasonable prices in St. Petersburg than most large cities. For example, Los Angeles has a median 2BR rent of $1,753, which is nearly one-and-a-half times the price in St. Petersburg.
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.