Wesley Chapel Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Wesley Chapel, FL. Currently, the overall median rent in the city stands at $1,901, after falling 1.6% last month. Prices are now down 7.5% year-over-year. Read on to learn more about what’s been happening in the Wesley Chapel rental market and how it compares to trends throughout the broader Tampa metro area and the nation as a whole.

Wesley Chapel rents are down 1.6% month-over-month and down 7.5% year-over-year

The median rent in Wesley Chapel fell by 1.6% over the course of April, and has now decreased by a total of 7.5% over the past 12 months. Wesley Chapel’s rent growth over the past year has has fallen behind both the state (-2.7%) and national averages (-0.8%).

Wesley Chapel rent growth in 2024 pacing below last year

Four months into the year, rents in Wesley Chapel have fallen 3.6%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 2.4%.

Wesley Chapel rents are 24.6% higher than the metro-wide median

If we expand our view to the wider Tampa metro area, the median rent is $1,526 meaning that the median price in Wesley Chapel ($1,901) is 24.6% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.8%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 7 cities in the Tampa metro area that are included in our database. Among them, Wesley Chapel is currently the most expensive, with a median rent of $1,901. St. Petersburg is the metro’s most affordable city, with a median rent of $1,430. The metro's fastest annual rent growth is occurring in Brandon (-0.4%) while the slowest is in Wesley Chapel (-7.5%).

You can also use the map below to explore the latest rent trends in the Tampa metropolitan area.